Proof – KKR Closes USD3.9b Asia Pacific Infra Fund; Yunfeng Invests USD300m in Chinese Edtech Yuanfudao; Intel, TPG Growth, EchoVC in USD85m Series B for Kenya’s Gro Intelligence
A weekly newsletter on private capital in emerging markets
Each year IFC and EMPEA gather over 600 global private capital investors from 60 countries across Asia, Africa, Latin America, MENA, and CEE & CIS, representing private equity, venture capital, impact, infrastructure, credit, sovereign wealth funds, pension funds, and family offices for this important meeting.
As investors seek new resources to deploy capital globally in the absence of travel and in-person meetings, EMPEA has been connecting private capital players around the world and innovating with new formats and initiatives on behalf of member firms.
KKR Reaches USD3.9b Final Close for Asia Pacific
Infrastructure Fund
Region: Asia
KKR has reached a USD3.9b final close for its KKR Asia Pacific Infrastructure Investors fund. The vehicle will focus on infrastructure-related investments across Asia Pacific. Read more
CICC Capital Reaches USD648m Second Close for Biomedical
Fund
Region: Asia
China’s CICC Capital reached a RMB4.2b (approximately USD648m) second close of its Qide Innovation Biopharmaceutical Equity Investment Fund, backed by China’s state-owned enterprises, corporations, and high-net-worth individuals. Read more
Yunfeng Capital Invests USD300m in Chinese Edtech
Yuanfudao
Region: Asia
Yunfeng Capital has invested USD300m in China-based edtech Yuanfudao, bringing the overall funding raised by the company in 2020 to USD3.5b. In March 2020, Hillhouse led the company’s USD1b Series F, and in October 2020, Tencent and DST Global led the company’s USD2.2b Series G. Read more
Lightspeed VP, Tencent, DST Global, GGV Capital, and
Altimeter Capital Invest USD280m in Indian B2B Marketplace Udaan
Region: Asia
Existing investors Lightspeed Venture Partners, Tencent Holdings, DST Global, GGV Capital, and Altimeter Capital, and new investors Octahedron Capital and Moonstone Capital have invested USD280m in India-based B2B e-commerce firm Udaan. Read more
Sequoia China Leads USD150m Series B for Chinese Biotech
Visen Pharmaceuticals
Region: Asia
Sequoia Capital China led a USD150m Series B for China-based biotech firm Visen Pharmaceuticals, with participation from OrbiMed, Sherpa Healthcare Partners, Cormorant, HBM Healthcare Investments, Pivotal bioVenture Partners China, Logos Capital, and CDG Capital, as well as follow-on from existing investors, including Ascendis Pharma A/S, Vivo Capital, and Sofinnova Investments. Read more
Warburg Pincus and Goodwater Capital Lead USD100m Investment
in Vietnamese Fintech MoMo
Region: Asia
Warburg Pincus and Goodwater Capital co-led a USD100m Series D round for Vietnam-based M Service JSC which operates MoMo, a mobile wallet services provider. Affirma Capital, Kora Management, Tybourne Capital, and Macquarie Capital also participated in the round. Read more
Warburg to Invest USD100m in Indian Consumer Electronics
Startup BoAt
Region: Asia
Warburg Pincus has agreed to invest USD100m in BoAt, an India-based consumer electronics startup that sells low-cost bluetooth speakers and other personal electronics products. Read more
Endiya Partners Reaches USD75m Final Close for India VC
Fund
Region: Asia
Endiya Partners has reached a INR5b (approximately USD75m) final close for their second fund. The vehicle will make early-stage investments in startups in the consumer internet services, health care, SaaS, and financial technology sectors. Read more
SoftBank Leads Undisclosed Series C for Brazilian Online Accounting
Services Startup Contabilizei
Region: Latin America
SoftBank’s Latin America Fund led an undisclosed Series C for Brazil-based online accounting services startup Contabilizei, with follow-on from KaszeK Ventures, Point72 Ventures, Quona Capital, and IFC. Read more
Greenspring Associates Leads USD35m Series B for Colombian Proptech
La Haus
Region: Latin America
Greenspring Associates led a USD35m Series B for Colombia-based proptech La Haus, with participation from Hometeam Ventures and follow-on from Acrew Capital, KaszeK Ventures, NFX, IMO Ventures, and Zillow co-founder Spencer Rascoff. Read more
Australis Partners Acquires Stakes in Mexico’s
Sekura and Chile’s Galénica
Region: Latin America
Australis Partners has acquired a majority stake in Mexico-based multiline insurance company Sekura for an undisclosed amount. As part of the transaction, Arpa Capital and non-executive shareholders exited from the ownership of Sekura. Australis Partners also recently acquired an 80% stake in Chile-based vitro diagnostic company Galénica. Read more
SP Ventures Reaches USD25.3m Second Close for AgVentures II
Region: Latin America
SP Ventures has reached a BRL130m (approximately USD25.3m) second close for AgVentures II, with a BRL40m (USD7.8m) commitment from French animal nutrition company Adisseo and US phosphate mining company Mosaic. Read more
Accial Capital Invests USD21m Debt in Indonesian Fintech
Pintek
Region: Asia
Accial Capital has invested USD21m in debt in Pintek, an Indonesia-based fintech platform that provides credit to students and their families, educational institutions, and their suppliers. Read more
Innova Capital-Backed
Prime Label Acquires Slovenian Digital Printing House LabelProfi
Region: CEE & CIS
Innova Capital-backed Prime Label Group has acquired a majority stake in Slovenia-based digital printing house LabelProfi. Read more
Omnivore Invests Seed Round for Indian Agtech
Agri10x
Region: Asia
Omnivore has invested an undisclosed seed round for Agri10x, an India-based agtech that operates a blockchain-based marketplace connecting farmers and buyers. Read more
Capria Commits USD2m to Angel Ventures Pacific Alliance Fund II
Region: Latin America
Capria Ventures has invested USD2m in Angel Ventures Pacific Alliance Fund II. The vehicle, managed by Angel Ventures, will focus on addressing gaps in financial inclusion, food security, and access to education and information in Mexico, Colombia, Peru, and Chile. Read more
Appian Reaches USD775m Final Close for Appian Natural Resources
Fund II
Region: Latin America
Appian Capital has reached a USD775m final close for its second fund. The vehicle will focus on investments in metals and mining, targeting assets in jurisdictions with proven geology, supportive governments, and a robust legal framework including Brazil, Australia, Mexico, Peru, Chile, and Canada, where Appian has existing operations. Read more
SHUAA Capital-Led Consortium Completes USD308m Debt
Buyout of Dubai-Based Stanford Marine Group
Region: Middle East
SHUAA Capital completed a debt buyout of Stanford Marine Group’s AED1.13b (approximately USD308m) facility, including offshore services related to the oil and gas industry in the Middle East. Read more
Hanwha Leads USD300m Investment in Grab Financial
Region: Asia
South Korea’s Hanwha Asset Management led a USD300m investment in Southeast Asian ride-hailing and food delivery giant Grab’s fintech business. Flourish Ventures and Arbor Ventures, as well as existing investors GGV Capital and K3 Ventures also participated in the round. Read more
Bow Wave Capital Management Leads USD175m Investment in
Mynt
Region: Asia
Philippine mobile wallet GCash has raised more than USD175m from Bow Wave Capital Management. Bow Wave now has a 14% stake in Mynt, which operates GCash. Read more
Lion’s Head Facility for Energy Inclusion Reaches Final
Close
Region: Africa
The Facility for Energy Inclusion (FEI), managed by Lion’s Head Global Partners, reached a final close of USD145m, with a total potential fund size of up to USD400m. KFW contributed an additional USD24m toward the final close. The African Development Bank is the anchor sponsor of FEI. Additional equity commitments include the European Commission and Norfund. Read more
Intel Capital, TPG Growth, and EchoVC Lead USD85m Series B for
Kenya’s Global Agricultural Data & Analysis Platform Gro Intelligence
Region: Africa
Intel Capital, Africa Internet Ventures (a strategic partnership between TPG Growth and EchoVC), and the family offices of Ronald Lauder and Eric Zinterhofer led a USD85m Series B for Gro Intelligence, a Kenya-based, AI-powered insights company focused on the global agriculture industry. Schusterman Family Investments, Dick Parsons, Rethink Food, and unnamed family offices also participated in the round, and existing investors DCVC and GGV Capital followed on. Read more
Fubon Life Insurance Commits USD85m to Coller and Hamilton
Lane Funds
Region: Asia
Taiwan-based insurer Fubon Life Insurance has committed a combined USD85m to two PE funds: Fubon committed USD65m to Coller International Partners VIII, a vehicle managed by Coller Capital; and USD20m to Hamilton Lane Secondary Fund V. Read more
Westbridge Exits Indian Gaming and Sports Media Company
Nazara Technologies to Plutus Wealth Management
Region: Asia
Westbridge Capital has exited India-based gaming and sports media company Nazara Technologies to Plutus Wealth Management via a share sale worth INR5b (approximately USD68.5m). Read more
Denmark’s IFU Leads USD38m Series B for Nigerian Hybrid Solar
Power Solutions Provider Daystar
Region: Africa
Denmark’s Investment Fund for Developing Countries (IFU) led a USD38m Series B for Nigeria-based hybrid solar power solutions provider Daystar Power, with participation from French impact infrastructure fund STOA, Proparco, and Morgan Stanley Investment Management. Read more
Actis Exits Stake in Nigerian Marine Logistics Company C&I
Leasing to Peace Mass Transit
Region: Africa
Actis has exited its stake in C&I Leasing, a Nigeria-based company offering fleet management, outsourcing, and marine services, via a trade sale to Peace Mass Transit. Read more
Sequoia India Leads USD30m Investment in Indonesian Digital
Investment Platform Bibit
Region: Asia
Sequoia Capital India led a USD30m investment in Indonesia-based digital investment platform Bibit, with follow-on from East Ventures, EV Growth, AC Ventures, and 500 Startups. Read more
Horizons Ventures and Alpha JWC Lead USD25m Series A for
Indonesian Digital Investment Platform Ajaib
Region: Asia
Horizons Ventures and Alpha JWC led a USD25m Series A for Indonesia-based digital investment platform Ajaib Group, with follow-on from SoftBank Ventures Asia, Insignia Ventures, and Y Combinator. Read more
QED Investors Leads USD17.5m Series A for Chilean Insurtech
Betterfly
Region: Latin America
QED Investors led a USD17.5m Series A in Betterfly (formerly Burn to Give), a Chilean certified B-Corp insurtech providing life insurance to SMEs and incentivizing policyholder’s wellbeing with subsidized coverage. Read more
Openspace Ventures, Northstar, Alpha JWC, and Others Invest
Pre-Series B for Indonesian Edtech Zenius
Region: Asia
New investors Openspace Ventures and Alpha JWC Ventures and existing investors the Northstar Group, Kinesys, and BeeNext have invested an undisclosed pre-Series B round for Indonesia-based edtech Zenius Education. Read more
EMPEA recently spoke with Lenna Koszarny at Horizon Capital about the evolution of the private capital landscape in Emerging Europe and how the firm’s mandate and investment strategy have shifted to reflect the growing tech
opportunity in the region and Ukraine in particular.
“Technology has emerged as the ultimate equalizer – eliminating borders and enabling founders from any nation to seize opportunities to compete in global markets. With education rooted in math and sciences, and proficiency in cybernetics, programming, and problem-solving, Ukraine’s tech talents have put the country firmly on the map, growing the IT industry from USD110m in 2003 to circa USD5b in 2019, a CAGR of 27%.”
