Top ten highlights from the APAC PE, VC, and startup ecosystem this week:
- Only five Southeast Asia-focused venture capital funds closed in the first semester of 2024, marking a sharp decline from previous periods, signaling a cautious approach by limited partners.
- First-time managers faced fundraising challenges in the first half of the year, with a decrease in both the number of fund closes and the total capital raised.
- Greater China startups experienced a significant drop in fundraising in Q2 2024, with only $9 billion raised, down 54.9% QoQ, and deal volume declining by 14.6%.
- Chinese state-backed investors supported homegrown startups amid global investors’ caution, resulting in a decline in mega deals.
- LPs, particularly Southeast Asia-based family offices, are progressively allocating more to private assets, with the number of family offices in the region growing significantly.
- Notable LP commitments include IFC considering a $65-million equity investment in the third private credit fund of Singapore-based Orion Capital.
- KKR raised $808 million for its latest private credit fund focused on the Asia-Pacific region, with Intudo Ventures and Monk’s Hill Ventures gauging investor interest for their fourth funds.
- CAS Investment reached the first close of a new RMB fund series to invest in disruptive startups, while MA Financial launched a $675-million real estate investment vehicle.
- Dreame Technology established a corporate venture capital arm for AI and robotics investments while Good Capital is closing its second fund at $40 million next month.
- 360 ONE Asset Management raised $500 million for its first secondary fund, reflecting continued activity in the Asia-Pacific venture capital ecosystem.
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