Hong Kong, China
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Asia rivals the US as one of the world’s largest private capital markets, led by China, where activity in biotech, education and consumer sectors drove investment to a record USD72b in 2020, including a record USD48b in venture investment. GPs deployed a record USD29.5b in India, targeting tech, healthcare and infrastructure opportunities, and USD10.6b in Southeast Asia, the second highest year on record.

From our Singapore headquarters, the GPCA Asia research team covers China, Southeast Asia, India and neighboring South Asian markets. 

An archive of Asia research reports can be found here.

Members can access GPC Analytics for a ten-year archive of Asian private capital transactions and data cuts.

Research Team

Ethan Koh, Asia Research Director

Alex Fichter, Research Analyst, Research

Essa Saifie, Research Analyst, Research

Yao Hwee Heng, Private Markets Research Analyst

GPCA’s Asia headquarters in Singapore represents leading fund and institutional investors based in Southeast Asia and builds bridges among investors across global markets. Learn More.

Asia Research

2022 Southeast Asia Data Insight

March 29, 2022
Despite rolling COVID-19 travel restrictions across much of Southeast Asia in 2021, investments reached a record USD21.5b with e-commerce, logistics and payments companies leading the way Additional analysis includes: Highlights… Read More

2022 India Data Insight

March 29, 2022
Private capital investment in India concentrated in the consumer goods & services industry with a record USD23.5b invested in 2021 as companies targeted the second-largest consumer market globally. Additional analysis… Read More

2022 Global Private Capital Industry Data & Analysis

February 16, 2022
GPCA members can log in to download the complete 2022 Industry Data & Analysis Excel file. GPCA data through year-end 2021 across Asia, Latin America, Africa, CEE and the Middle… Read More

Mid-Year 2021 Global Private Capital Industry Data & Analysis

September 16, 2021
GPC 1H 2021 data on fundraising, investment and exit activity across Asia, Latin America, Africa, CEE and the Middle East   Key data takeaways:   All major markets posted year-over-year gains… Read More

2022 Southeast Asia Startup Directory

February 22, 2022
GPCA Members can log in to receive exclusive access to the underlying data (Excel). VC funding in Southeast Asia reached a record high of USD10.3b in 2021. Our inaugural Southeast Asia Startup Directory… Read More

China 2021 Data Insight

May 26, 2021
Rebounding quickly from the pandemic, China VC activity drove private capital investment to USD72b in 2020 Private capital fund managers invested a record USD72b in China in 2020, driven by… Read More

Emerging Tech Trends in Southeast Asia: Foodtech, Fintech, Healthtech and Edtech 

November 8, 2021
COVID-19 has accelerated digital transformation in Southeast Asia. As the digital economy expands, so does investment in tech-enabled businesses. According to data compiled by GPCA, technology deals accounted for 83%… Read More

GPCA Trends in Global Tech

February 16, 2022
GPCA’s annual Trends in Global Tech report traces venture capital flows across Africa, India, China, Southeast Asia, Latin America, Central and Eastern Europe and the Middle East. With VC representing… Read More

India 2021 Data Insight

March 31, 2021
GPs deployed a record USD29.5b in India, targeting longterm technology, healthcare, and infrastructure opportunities Private capital deal value in India reached new highs in 2020, even as the pandemic and… Read More

Southeast Asia 2021 Data Insight

March 31, 2021
After a record-breaking 2019, GPs raised USD1.9b Southeast Asia-dedicated funds raised USD1.9b in 2020 as fewer venture capital (VC) managers returned to raise capital after a historic year in 2019.… Read More

Asia News

Mitsubishi Corporation and Mizuho Leaguer Investment Lead ~USD28m Pre-Series A Extension Round for China’s Ruiyun Cold Chain

Mitsubishi Corporation and Mizuho Leaguer Investment led a CNY200m (~USD28m) pre-Series A extension round for Ruiyun Cold Chain, a China-based cold-chain services platform, with follow-on from Panlin Capital, Qingsong Fund,… Read More

Vertex Ventures Leads ~USD14m Angel Round for China’s PrimeLink

Vertex Ventures led a ~CNY100(~USD14m) angel round for PrimeLink, a China-based developer of antibody drug conjugates, with participation from Kaitai Capital and Fosun Pharma. Read More

H&Q Korea Leads USD37m Series C for South Korea’s Laundrygo

H&Q Korea led a USD37m Series C for South Korea-based laundry service Laundrygo, with participation from KB Securities, Hanwha Securities, Badgers Investment, Pebbles Investment and Musinsa, and follow-on from SoftBank,… Read More

Vision Plus Capital Leads ~USD14m Series A for China’s Eagleyun

Vision Plus Capital led a ~CNY100m (~USD14m) Series A for Eagleyun, a China-based enterprise network security solutions provider, with participation from Sequoia China. Read More

Lightspeed China Partners Leads ~USD14m Series A for China’s DAISCH Intelligent Technology

Lightspeed China Partners led a ~CNY100m(~USD14m) Series A for DAISCH Intelligent Technology, a China-based navigation system developer for autonomous vehicles. Read More

Hikvision Leads ~USD14m Series A for China’s enovate3D

Hikvision led a CNY100m (~USD14m) Series A for enovate3D, a China-based 3D printing technology developer, with follow-on from Sequoia China and Walden International. Read More

QED Investors Leads USD5m Pre-Series B for Indonesia’s Pashouses

QED Investors led a USD5m pre-Series B for Pashouses, an Indonesia-based real estate marketplace. This is QED’s first known investment in Southeast Asia. Read More

SoftBank Sells 4.5% Stake in India’s Paytm for ~USD200m

SoftBank sold a 4.5% stake in India-based payments app Paytm for INR16.3b (~USD200m) on the NSE. The sale follows the end of one-year mandatory lock-in for pre-IPO investors in Paytm.… Read More

Lightrock Leads USD33m Series B for India’s BeatO

Lightrock India led a USD33m Series B for BeatO, an India-based diabetes monitoring app, with participation from HealthQuad and Flipkart, and follow-on from Blume Ventures, Orios Venture Partners, Leo Capital,… Read More

Temasek and Alibaba Lead USD40m Series A+ for China’s YAHAHA

Temasek and Alibaba led a USD40m Series A+ for YAHAHA, a China-based metaverse platform for game developers, with participation from 37 Interactive Entertainment. Read more here and h Read More

GSV Ventures Leads USD45m Series E for India’s Simplilearn

Simplilearn, an India-founded, US-based professional upskilling platform, raised a USD45m Series E led by GSV Ventures, with participation from Clal Insurance and DisruptAD. Blackstone acquired a controlling stake in 2021.… Read More

Blackstone To Take India’s R Systems Private for ~USD359m

Blackstone agreed to acquire a 52% stake in India-listed IT services company R Systems from company management. The agreement triggered an offer to delist the company for a total transaction… Read More