DealStreetAsia

22/08/2025

In this edition of our Beyond the Buyout newsletter, we break down India’s sharp drop in buyouts and what it says about evolving private equity (PE) strategies. Temasek’s portfolio rebalancing and Tencent’s bet on hard tech are also in focus. Paramita Chatterjee, Kavitha Nair and Eudora Wang anchor this edition.

https://buff.ly/aNDwKUu

Temasek’s portfolio rebalancing and Tencent’s bet on hard tech are also in focus.

22/08/2025

315 Holding Pte Ltd, the parent firm of Vietnam-based clinic operator Nhi D**g 315, has reported a loss for the ten months ended December 31, 2024 (FY 2024), even as it continued an aggressive growth push in the country’s healthcare market. Ngoc Nguyen dissects the company's latest earnings report:

https://buff.ly/lNIow9S

GIC has invested a total of $194m in 315.

22/08/2025

Singapore-based private equity firm Kendall Court is looking to exit its investment in Indonesia’s Mandaya Medical International Pte Ltd (MMI), a healthcare business owned by local conglomerate Selaras Group. Breaking news by Aastha Maheshwari:

https://buff.ly/x1fGtbw

Kendall Court had invested $55m for a majority stake in MMI in 2018.

22/08/2025

International Finance Corporation (IFC), a member of the World Bank Group, is considering an up to $60 million investment in the latest private equity vehicle of Thailand-based buyout firm Lakeshore Capital, reports Mars Mosqueda:

https://buff.ly/Pw7Crcd

The fund may also invest up to 30% of its capital in Vietnam, Cambodia, and Laos.

22/08/2025

Vietnam-based financial services provider F88 plans a pre-IPO fundraising round in Q1 next year as it targets a $1-billion market cap. The firm, valued at $350 million in 2023, recently began trading on UPCoM and now has a market cap of about $320 million. Management aims to attract investors who provide strategic value and expects to list on the Ho Chi Minh City Stock Exchange eventually, writes Ngoc Nguyen:

https://buff.ly/ZcPH6Il

The company was valued at $350 million in 2023.

22/08/2025

Taiwan’s regulators have introduced measures to encourage local insurers to invest in domestic private equity funds, particularly in infrastructure, through initiatives like the Trillion NT Dollar Investment Plan and revised solvency rules. These reforms offer capital relief for qualifying investments, but insurers remain cautious and few have committed so far. Industry observers cite challenges such as limited investment scope, regulatory uncertainty, and the need to educate insurers on private equity strategies, as the sector is still in its infancy compared to venture capital. Read this deep dive, the second of a two-part series on how Taiwanese life insurers are reshaping their PE portfolio, by Stephanie Li:

https://buff.ly/1UeM6uo

22/08/2025

FreshToHome Ltd, the e-commerce platform for fresh fish and meat, substantially reduced its losses in FY2024 as revenue surged more than four times compared to the previous fiscal. The improvement was largely driven by a steep cut in marketing expenses and a decline in administrative costs, explains Vibhuti Sharma.

https://buff.ly/OzjThTp

The company reported a net loss of $25m in FY2024, down 49% from $49m in FY2023.

22/08/2025

Motilal Oswal Alternates has raised $800m in the first close of its fifth PE fund, India Business Excellence Fund V (IBEF V), exceeding its $750m target. The fund, with a $950m hard cap, aims for final close by October 2025. This takes the firm’s alternatives AUM past $3.5b across PE, real estate, and private credit. IBEF V has backing from IFC, Adams Street Partners, Japanese, Middle Eastern, Asian LPs, and family offices, with 11% contributed by Motilal Oswal Group and its team. Vibhuti Sharma's report:

https://buff.ly/QIXmPE4

The fund was launched in April and is expected to see its final close by October 2025.

22/08/2025

Australian solar wholesaler OSW has raised $5.5 million from Shanghai-based SparkEdge Capital to drive expansion into the US, Mexico, Spain, and Romania, and accelerate its GreenSketch platform, which digitalises the clean energy value chain. Founded in 2013, OSW aims to build an AI-driven “Amazon of clean energy” offering integrated solutions. Read the report by Marsya Nabila:

https://buff.ly/KLiyiow

21/08/2025

Sea Ltd has secured key regulatory approvals in Brazil to expand its lending operations and diversify funding, advancing its strategy to replicate its Southeast Asian fintech model in Latin America. The company obtained an SCD licence and initial approval for an SCFI licence, enabling it to issue credit using its own capital and, eventually, access broader financing options. Brazil, where Sea has run its Shopee platform for five years, is now its fastest-growing market outside Asia. Read the report by Katrina Bianca Cuaresma:

https://buff.ly/kA3r3Kd

Brazil is Sea’s fastest-growing market outside Asia.

21/08/2025

Read the latest edition of our monthly climate newsletter Green Street, written by Michelle Teo and Ngoc Nguyen. The latest edition explores how impact investors are navigating uncertainty, featuring insights from LeapFrog Investments, Aavishkaar Group, and IIX. The sector faces mounting pressure to deliver both measurable impact and competitive returns amid a tough fundraising climate.
Meanwhile, July 2025 marked the strongest month for climate-tech fundraising since 2024. Notable transactions include Cleantech Solar’s $140-million debt raise from Clifford Capital and ING, SunGreenH2 securing funding from MH2Fund, and HydroLeap closing a $4.75-million Series A from multiple investors.

https://buff.ly/XOGsXvM

In the universal quest for DPI, how do impact funds fit in?

21/08/2025

Taiwan’s life insurers are rebalancing their private equity portfolios ahead of a stricter capital regime, set to take effect in January 2026. The new rules will require mark-to-market valuations and impose tighter capital requirements, prompting insurers to cut new PE commitments and divest stakes in global funds. The shift comes amid a broader slowdown in global PE fundraising and exits, making LPs more selective. Recent moves include Taiwan Life selling stakes in 10 private funds for $460 million, and Fubon Life offloading holdings in nine funds. Cathay Life and Shin Kong Life have also exited several funds this year. Read this story, the first of a two-part series, by Stephanie Li:

https://buff.ly/Sz8YMZL

The expected changes have driven a clear decline in new PE fund commitments by Taiwanese insurers.