Global private markets investment firm HarbourVest Partners has raised more than $870 million for its latest Asia-focused fund of funds (FoF) and its sidecar vehicles, according to regulatory filings. The asset manager has raised $370 million for HarbourVest Asia Pacific Fund 5, a multi-strategy FoF launched in 2021, according to its filings with the US… Continue reading HarbourVest Partners raises over $870m for new Asia fund of funds
Author: Deal Street Asia Online News
US SPAC to move ahead with listing of Okada Manila casino despite dispute …
The chief executive of the Nasdaq-listed blank-check company that hopes to merge with Philippine casino Okada Manila says it will move ahead with the plan despite a deepening management dispute over the resort. Okada Manila is planning to list in the US by merging with 26 Capital Acquisition, a special purpose acquisition company (SPAC), in… Continue reading US SPAC to move ahead with listing of Okada Manila casino despite dispute …
Indian EV firm Magenta to raise up to $30m soon, eyes profits in a year
Home-grown electric vehicle charging and mobility solutions company Magenta is looking to raise $20-30 million in a Series B funding round in a couple of weeks, co-founder Darryl Dias told DealStreetAsia in an interview. The upcoming round will be led by international investors and see participation from existing ones. Seed-funded by HPCL in 2018 and… Continue reading Indian EV firm Magenta to raise up to $30m soon, eyes profits in a year
SE Asia Deal Review: Startup fundraising falls to five-month low of $1.42b in May
Dealmaking in Southeast Asia dropped by almost 30% month-on-month in May to $1.42 billion — the lowest so far in 2022 — due to a scarcity of megadeals, proprietary data compiled by DealStreetAsia show. There were only 82 venture capital and private equity deals last month, which was also the lowest deal volume in January-May… Continue reading SE Asia Deal Review: Startup fundraising falls to five-month low of $1.42b in May
Saratoga-backed Merdeka Copper bags shareholders’ nod for private placement issue …
Indonesia-listed miner PT Merdeka Copper Gold Tbk has secured shareholders’ approval to issue as much as 2.29 billion new shares, representing 10% of the company’s paid-up capital, for a private placement offering within the next two years, a top executive said. Merdeka Copper Gold president director Albert Saputro said the shareholders have also agreed to… Continue reading Saratoga-backed Merdeka Copper bags shareholders’ nod for private placement issue …
Chinese EV maker Nio to make self-developed battery packs from 2024 …
Chinese electric-car maker Nio said that in 2024 it will start making high-voltage battery packs that it has developed itself, as part of a drive to improve profitability and competitiveness to take on rivals such as Tesla. Nio, plans to start producing an 800-volt battery pack in the second half of 2024, its chairman William Li told… Continue reading Chinese EV maker Nio to make self-developed battery packs from 2024 …
Investors are both eager and uneasy as China signals end of crackdown on tech sector
As Chinese authorities signal that a two-year crackdown on the domestic technology sector is over, global investors are relieved and yet loath to take the government at its word. Foreign investors have been returning to mainland markets since May as its stringent COVID-19 lockdowns ease and after pledges from China’s highest policymakers, including Vice Premier… Continue reading Investors are both eager and uneasy as China signals end of crackdown on tech sector
Rising interest rates spell trouble for Buy Now Pay Later business model
Reduced consumer spending, rising interest rates and trickier credit conditions spell trouble for Buy Now Pay Later lenders, raising the prospect of consolidation in the sector. Buy Now Pay Later (BNPL) firms have created one of the fastest-growing segments in consumer finance, with transaction volumes hitting $120 billion in 2021 up from just $33 billion in 2019, according to… Continue reading Rising interest rates spell trouble for Buy Now Pay Later business model
GoTo aims to review spending, optimise expenses to extend runway
Indonesia-listed technology group PT GoTo Gojek Tokopedia (GoTo) is reviewing its spending as part of efforts to extend its runway, according to a top executive, as the group prepares to leave its cash-burning days behind. GoTo President Patrick Cao, in a public expose on Friday, said the technology group has a “very clear path to… Continue reading GoTo aims to review spending, optimise expenses to extend runway
China’s GF Xinde Investment sets up RMB fund to invest $450m in new energy sector …
GF Xinde Investment, the wholly-owned private equity (PE) investment unit of Chinese investment bank GF Securities, has set up a new RMB-denominated fund to invest 3 billion yuan (almost $450 million) in the new energy industry. The new fund, which recently completed its registration with the Asset Management Association of China (AMAC), counts the country’s… Continue reading China’s GF Xinde Investment sets up RMB fund to invest $450m in new energy sector …