Top ten highlights from the APAC PE, VC, and startup ecosystem this week:
- Exit Deal Value Plummeted: Bain report shows exit deal value in Southeast Asia dropped by 60% to $2.8 billion in 2023, leading to a 70% decrease in the number of exits compared to the previous year.
- Tower Capital Asia’s Bullish Exit: Tower Capital Asia achieved a successful exit with Chinese medicine retailer Eu Yan Sang International, yielding an IRR in the top quartile.
- Southern Capital Group’s Sale: Southern Capital Group finalized the sale of the Australian subsidiary of Qualitas Medical Health Group, showcasing ongoing activity in the healthcare sector.
- Apis Partners’ Exit: London-based Apis Partners sold its stake in Southeast Asian payments provider GHL Systems Berhad to Japanese tech firm NTT DATA, marking its eighth exit.
- Growing Interest in Southeast Asia: Limited partners are showing increased interest in Southeast Asia due to its established market, diverse economies, and favorable corporate history.
- Malaysia’s PE Commitments: Malaysia’s public service retirement fund KWAP committed RM6 billion to its private equity strategy, while Ekuinas plans to launch a private credit fund.
- IFC’s Investment: International Finance Corporation is considering a $40 million investment in Actis’ new private equity fund focusing on climate transition in Asia.
- Taiwan’s Capital Commitments: Fubon Life Insurance and Cathay Life Insurance made $130 million in new capital commitments to private equity funds.
- China’s Semiconductor Fund: China established its third state-backed investment fund to boost the semiconductor industry with a registered capital of 344 billion yuan.
- Fundraising Success: EQT Private Capital Asia closed its mid-market fund at $1.6 billion, surpassing its initial target, while Seraya Partners plans to raise its second fund in the near future.
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