Hong Kong, China

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

Catherine O’Connor, Research Analyst

Essa Saifie, Research Analyst

Asia Research

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

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

Prosus and East Ventures Growth Lead USD35m Series A for Indonesia’s Aruna

Prosus Ventures and East Ventures Growth Fund led a USD35m Series A for Aruna, an Indonesia-based integrated fishery platform, with participation from SIG and follow-on from AC Ventures, MDI and… Read More

Asia Partners and Falcon Edge Lead USD100m+ Series B for Indonesian B2B Marketplace GudangAda

Asia Partners and Falcon Edge Capital led a USD100m+ Series B for Indonesia-based B2B marketplace GudangAda, with participation from Sequoia Capital India, Alpha JWC and Wavemaker Partners. Read More

LeapFrog Leads USD75m Series C for Indian Digital Health Platform HealthifyMe

LeapFrog Investments led a USD75m Series C for India-based digital health platform HealthifyMe, with participation from Khosla Ventures and follow-on from existing investors. LeapFrog invested USD30m in the round. Read… Read More

Hillhouse Leads ~USD77m Series A for Chinese AI Chatbox Developer Xiaoice

Hillhouse Capital led a CNY500m (~USD77m) Series A for Xiaoice, a China-based AI chatbox developer spun off from Microsoft, with participation from GGV Capital, IDG Capital, 5Y Capital, NetEase and… Read More

Temasek and Falcon Edge Lead USD220m Investment in Indian Eyewear Retailer Lenskart

Temasek and Falcon Edge Capital led a USD220m investment in India-based eyewear retailer Lenskart at a reported USD2.5b valuation. The investment is part of a new round that saw KKR… Read More

Creador Partially Exits Malaysia’s CTOS Digital via ~USD287m IPO

Creador partially exited its interest in Malaysia-based credit reporting company CTOS Digital via the company’s MYR1.21b (~USD287m) IPO on Bursa Malaysia. Creador sold shares worth MYR792m (~USD188m) and now retains… Read More

Creador Reaches USD500m First Close for South & Southeast Asia Fund

Creador reached a USD500m first close for Creador V. The vehicle has an initial target size of USD600m and will invest in mid-cap businesses across the consumer, healthcare, financial services… Read More

Alibaba, SAIC Motor, CMG-SDIC and YF Invest ~USD464m in China’s Banma

Existing shareholders Alibaba, SAIC Motor, CMG-SDIC Capital Management and Yunfeng Capital invested CNY3b (~USD464m) in China-based internet car solution provider Banma Information Technology. Read More

BlackRock Acquires Korea Renewable Energy Development & Operation Holdings

BlackRock Real Assets acquired South Korea-based offshore wind developer Korea Renewable Energy Development & Operation Holdings (formerly IGIS Private Equity) for an undisclosed amount. Read More

CMG-SDIC Capital and Tigermed Lead USD100m Series D for Chinese Drug Developer Adlai Nortye

CMG-SDIC Capital Management and Hong Kong-based contract research organization Tigermed led a USD100m Series D for China-based drug developer Adlai Nortye, with participation from Legend Star, Guolian Fund, Triwise Capital,… Read More

BOCOM and Cyberport Macro Fund Invest USD100m in Hong Kong’s GogoX

Hong Kong-based last mile logistics platform Gogox (formerly GoGoVan) raised USD100m led by BOCOM, the international arm of China Bank of Communications, and Cyberport Macro Fund. Read More

SoftBank Vision Fund 2 Invests USD1.7b in South Korea’s Yanolja

SoftBank Vision Fund 2 invested USD1.7b in Yanolja, a South Korea-based travel and leisure platform. Read More