Editor’s take: The week that was — Nov 15-20

Let’s begin the wrap-up with some of this week’s exclusives from DealStreetAsia.

Singapore-headquartered private equity firm Northstar Group is likely to close its fifth fund at about $600 million, or 25% short of its original target of $800 million, by the end of this year.

Indonesian coffee chain Kopi Kenangan is in advanced talks with investors, including US asset manager Falcon Edge Capital, to raise about $100 million in its Series C round, which could make the startup a near unicorn.

Melbourne-based private equity firm BGH Capital is looking to raise A$3 billion ($2.19 billion) for its second fund. Its debut fund was backed by Singapore’s Temasek and GIC.

From the investor corner

Singapore’s Temasek Holdings is temporarily halting new investments in Chinese tech companies amid uncertainty over Beijing’s crackdown on the sector. The state investor has already made a series of partial and full exits from Chinese firms, including Alibaba and Didi Global, in the three months ended September 30, 2021.

Canada Pension Plan Investment Board, one of the world’s largest pension funds, committed a total of $935 million to two Asia-focused private equity funds in the second quarter.

Education-focused PE firm Kaizenvest sees opportunities in early-growth investments in edtech in Southeast Asia, driven by a shift in mindset towards learning amid the pandemic. “That has driven the demand side of access,” said Kaizenvest founder and managing partner Sandeep Aneja.

Real estate private equity firm Gaw Capital Partners has held the first close for its seventh Asia Pacific real estate fund at $1.2 billion. The fund has a $2.5 billion hard cap.

The Minnesota State Board of Investments is weighing a $300 million commitment to the latest flagship global private equity fund of Warburg Pincus.

A Texas pension fund is the latest to disclose a $50 million capital commitment to Baring Private Equity Asia’s (BPEA) $8.5 billion eighth buyout fund.

Loyal Valley Capital, a Shanghai-based emerging private equity firm, has raised $831 million so far for its third USD fund.

Asian healthcare-focused investment firm CBC Group and Dutch pension fund APG Asset Management have launched a joint China-focused life science venture with a target corpus of $1.5 billion.

Southeast Asia’s VCs raised $1.25 billion in new capital (excluding funding secured previously within a fund’s lifetime such as for an interim close) from July through September – the highest quarterly tally since the pandemic hit the region early last year.

EcoImpact Capital, a venture capital firm launched in Singapore last year, is looking to close its first fund by February 2022, its managing partner and co-founder Eric Cheong told DealStreetAsia. The fund has raised about $21 million so far.

Sinovation Ventures, the Chinese venture capital firm founded by former Google executive Kai-Fu Lee, is seeking to raise $500 million for its fifth flagship venture vehicle.

Venture debt firm InnoVen Capital has secured the first close for its debut China fund at $50 million, after the launch of two prior vehicles to offer venture lending to technology companies in India and Southeast Asia.

Jakarta-based investment firm Kejora Capital and Malaysian conglomerate Sunway Group have launched a $25 million fund to back early-stage startups in the country and across Southeast Asia.

Silicon Harbour Capital, an investment firm founded by a former Carlyle China head, has closed its maiden RMB fund at nearly 1 billion yuan ($156.8 million).

International Finance Corporation (IFC) has proposed a $25 million equity investment in the latest vehicle of Washington and Bengaluru-headquartered VC firm Quona Capital.

ByteDance, the Chinese owner of short-video platform TikTok, has set up a fund of funds (FOF) team as it gears up to invest in new profit generators to strengthen its operations in the market.

China-focused agrifood tech venture capital firm Bits x Bites has closed its second fund at $100 million, exceeding its initial target of $70 million.

Vietnamese corporate VC (CVC) firm Next100 Ventures has launched a $50 million fund to back blockchain companies in Vietnam and Southeast Asia.

AddVentures, the CVC arm of Thai conglomerate Siam Cement Group (SCG), is looking at later-stage investments to capture opportunities from the maturing and fast-growing digital ecosystem in SE Asia as well as China and India. vehicle of Washington and Bengaluru-headquartered venture capital (VC) firm Quona Capital.

ByteDance, the Chinese owner of short-video platform TikTok, has set up a fund of funds (FOF) team as it gears up to invest in new profit generators to strengthen its own operation in the market.

China-focused agrifood tech venture capital (VC) firm Bits x Bites has closed its second fund at $100 million, exceeding its initial target of $70 million.

Vietnamese corporate venture capital firm Next100 Ventures has launched a $50 million fund to back blockchain companies in Vietnam and Southeast Asia.

AddVentures, the corporate venture capital (CVC) arm of Thai conglomerate Siam Cement Group (SCG), is looking at later-stage investments to capture opportunities from the maturing and fast-growing digital ecosystem in SE Asia as well as China and India.

Startup news

Indonesian online brokerage Ajaib, which recently entered the unicorn club, has acquired a 24% stake in Bank Bumi Arta for 745.67 billion rupiah ($52.23 million).

Vietnamese proptech startup Homebase raised $30 million in equity and debt from a group of foreign investors including Y Combinator, Partech Partners and Goodwater Capital.

Thai digital commerce enabler CREA bagged a $25 million investment from global beauty accelerator SuperOrdinary.

Jakarta-based B2B marketplace Ula raised an additional $23.1 million in Series B funding from Tiger Global and Flipkart co-founder Binny Bansal. The company had in October raised $87 million in the round co-led by Prosus Ventures, Tencent and B Capital.

Singapore-based corporate services provider Sleek raised $14 million in a Series A funding round led by White Star Capital and Jungle Ventures.

AI Rudder, a Singapore-based AI-powered voice automation startup, bagged $10 million in a Series A funding round co-anchored by Sequoia Capital India and Sequoia China Seed Fund.

Thai logistics startup Giztix snagged $10 million in a Series B funding round co-led by logistics developer WHA Group and Bualuang Ventures.

Singapore-based healthy food chain SaladStop! raised S$12 million ($8.7 million) in a Series B round led by Temasek Holdings. The round was joined by Vulcan Capital, K3 Ventures, East Ventures and DSG Consumer Partners.

Singapore-based Glife Technologies, which helps food and beverage businesses buy fresh produce directly from farmers, secured $8.12 million (S$11 million) in a Series A round led by Temasek’s Heliconia Capital.

Of public markets

A consortium led by Razer Inc‘s top executives is planning to value the Hong Kong-listed gaming hardware maker at up to HK$35 billion ($4.5 billion) in a deal to take it private, according to a Reuters report.

Indonesian dairy producer PT Cisarua Mountain Dairy, also known as Cimory, is set to raise about $260 million after pricing its IPO near the top end of an indicative price range.

As many as 28 companies are seeking to list in Indonesia before the end of this year to raise about 31.27 trillion rupiah ($2.2 billion). At least 40 companies have made their public market debut so far this year, raising 32.26 trillion rupiah ($2.27 billion) in total.

Cartica Acquisition, a special purpose acquisition company (SPAC) targeting India-focused tech businesses, is looking to raise up to $200 million in a US IPO.

Your weekend read

The buy now, pay later (BNPL) model is fast gaining currency in Southeast Asia but thin margins, a crowded market and regulatory issues could soon lead to consolidation in the space.

Vietnam, which minted its third unicorn Sky Mavis in October this year, could see its next batch of unicorns emerge from its burgeoning digital economy where e-commerce, logistics, financial services, transport and food startups are witnessing significant traction, per this piece.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.