Fundraising milestones by funds focused on SE Asia, India, and China dominated the most-read articles in November.
Openspace Ventures has hit the final close of its fourth early-stage fund. The backer of prominent tech startups such as Finaccel and Kumu, among others, closed its fourth vehicle below target at $163 million.
Singapore’s Jungle Ventures is said to have made the first close of its fifth vehicle and has hit half of the fundraising target.
The November edition of most-read stories also includes the fundraising updates from Navis Capital, L Catterton, Mizuho Asia Partners, Affirma Capital, and ex-Peak XV executive-backed Kenro Capital.
We also covered the winding up of Indonesia’s decade-old VC Ideosource and the creation of Danantara, which is slated to become among the fourth largest sovereign wealth funds in the world.
As part of our year-end series, we covered top trends shaping private credit in Asia, the exit landscape in SE Asia, and the impact of late-stage funding drought on the startup ecosystem.
If you missed these stories, here is a curated list of trending scoops and analytical takes from November 2024.
Top stories of November 2024
Southeast Asia
Openspace Ventures closes fourth early-stage fund at $163m—lower than predecessor
One of SE Asia’s most prominent VC firms, Openspace boasts an array of well-known portfolio companies such as Gojek, Biofourmis, Finaccel, and Kumu, among others.
Affinity said to be acquiring majority stake in gummy bear maker Yupi
The PE firm has won the bid to acquire majority stakes in PT Yupi Indo Jelly Gum in a deal that could be as large as $400 million.
Navis Capital introduces new structure in second continuation fund
The GP-led structure, which is understood to be used for the first time in SE Asia, is expected to create DPI at a decent mark without taking on leverage.
Late-stage funding drought triggers shift in SE Asia’s investment landscape
The current funding dynamics also point to the emergence of a new order in SE Asia’s tech markets. While the erstwhile hottest markets like Singapore, Vietnam, and Indonesia have slipped, Malaysia and the Philippines have seen a recovery.
Jungle Ventures said to have hit first close of fifth fund
Jungle has bet on several startups that went on to become unicorns including Indonesian fintech Kredivo, IPO-bound Livspace, and Indian e-commerce company Moglix.
Mizuho Asia Partners said to have closed third PE fund at $320m—a tad below target
The third fund is understood to continue its predecessors’ sector-agnostic approach, focusing on healthcare, financial services, manufacturing, and consumer products.
How private equity navigated exit slowdown in SE Asia this year
As more fund managers scramble to obtain hard-earned liquidity, DealStreetAsia has compiled four M&A strategies executed to pave the way for exits in SE Asia as 2024 comes to a close.
Indonesian VC Ideosource winds down after over a decade
Most of its portfolio has been liquidated in the secondary market, and the team has ventured into other businesses. Ideosource began in 2011 as an angel investment platform and later evolved into a VC firm in 2014.
Top private credit trends shaping Asia funds in 2024
With the niche corner of alternative financing going into overdrive in the East, DealStreetAsia has put together three key fund-level themes that have played out this year before 2024 draws to a close.
Will Indonesia’s move to set up mammoth SWF boost its investment appeal?
Factors like operational efficiency and transparency remain top concerns as the government prepares a functional roadmap to give wings to what will potentially become the fourth-largest sovereign wealth fund in the world.
India
Former Peak XV exec’s fund taps VC secondaries in India, SE Asia
The new investment firm – Kenro Capital – will buy secondhand stakes in late-stage Indian and Southeast Asian startups.
Affirma Capital sets around $350m target for debut India-focused fund
The Singapore-based private equity firm is setting up its first vehicle focused solely on the country since its inception in 2019.
Greater China
L Catterton raises $277m across two funds for RMB platform
The RMB platform will comprise a series of funds in partnership with state-owned enterprises in several Chinese cities.
For LPs, there’s no market outside the US as big as China: NLVC’s Jeffrey Lee
Although China plays a crucial part in geographic diversification, US institutional investors have become more wary of their Chinese GP allocation.
