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 Trends in Global Tech traces record venture capital flows across Africa, India, China, Southeast Asia, Latin America, Central and Eastern Europe and the Middle East. With VC representing 55%… 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

SummitView Capital Leads Series C+ for China’s Black Sesame Technologies for  USD500m Series C Total

SummitView Capital led a Series C extension for China-based self-driving auto chip manufacturer Black Sesame Technologies, for combined Series C rounds totaling more than USD500m. The round included participation from… Read More

Nykaa To Acquire India’s Venture-backed Little Black Book

India-based online fashion retailer Nykaa acquired Little Black Book (LBB), a lifestyle discovery platform that is also India-based, for an undisclosed amount in an all-cash deal. LBB announced a INR65m… Read More

Epigenic (Yijie Like) Raises ~USD15m in Angel and Pre-Series A Rounds from Morningside Ventures, Trinity Fund and Others

Epigenic (Yijie Like), a China-based biotech focusing on epigenetic regulation technology, raised more than CNY100m (~USD15m) in its angel and pre-Series A rounds from Morningside Ventures, Kingray Capital, Trinity Fund,… Read More

RRJ Capital Invests ~USD101 To Acquire Singapore’s Fullerton Health

RRJ Capital invested SGD140m (~USD101m) in new equity to merge Fullerton Healthcare Corporation with Fullerton Health, a Singapore-based pan-Asian healthcare provider. The company has also secured a SGD250m (~USD181m) senior… Read More

Gaorong Capital and CTS Capital Lead ~USD74m Series C for China’s Intellective Biologics

Gaorong Capital and CTS Capital led a more than CNY500m (~USD74m) Series C for Intellective Biologics (Zhixiang Bio), a China-based contract development and manufacturing organization that focuses on macromolecular biopharma… Read More

CRED Acquires India’s Venture-backed Smallcase for USD400m

India-based fintech CRED acquired Smallcase, an India-based wealth management platform backed by Blume Ventures, Sequoia Capital, Amazon and others, for ~USD400m. Smallcase raised USD140m at a reported USD6.4b valuation in… Read More

Singularity Growth Opportunities and SWC Global Lead USD20m Series B for India’s  WebEngage

Singularity Ventures, through its Growth Opportunities Fund, and SWC Global led a USD20m Series B for WebEngage, an India-based full-stack CRM platform, with participation from Unmaj Corporation, NB Ventures, Shashwat… Read More

Sarmayacar and Shorooq Partners Lead USD11m Round for Pakistan’s OneLoad

Sarmayacar and Shorooq Partners led a USD11m round for OneLoad, a Pakistan-based  logistics and fintech platform serving micro-retailers and run by EP Systems. The Bill and Melinda Gates Foundation invested… Read More

Panlin Capital and Sany Foundation Lead USD40m Series E for China’s Suzhou Ribo Life Science

Suzhou Ribo Life Science, a China-based clinical-stage biotech with a focus on nucleic acid research,raised USD40m in the first tranche of a Series E led by Panlin Capital and Sany… Read More

Yunfeng Capital and Gaorong Capital Lead USD200m Series B for Sironax

Yunfeng Capital and Gaorong Capital led a USD200m Series B for Sironax, a China-based clinical-stage biotech with a focus on the treatment of age-related degenerative disease, with participation from MSA… Read More

Qiming Venture Partners Leads USD22m Series A+ for China’s GluBio Therapeutics

Qiming Venture Partners led a USD22m Series A extension round for GluBio Therapeutics, a US- and China-based biotech focused on developing targeted protein degradation (TPD) drugs, with follow-on from Lilly… Read More

Insignia Venture Partners Reaches USD516m Final Close for Early-stage Venture Fund

Insignia Ventures Partners reached a USD516m final close for its third venture fund. The vehicle invests in early-stage Southeast Asian startups.  Read More