Dymon Asia Private Equity has made an investment in Singapore-based business services provider CLA Global TS to support the latter’s growth across Southeast Asia and China.
The funding amount was not disclosed. CLA said in a statement that the investment by Dymon will help it acquire a series of professional service businesses in other Southeast Asian markets.
CLA currently has offices in Singapore, Malaysia, and China.
Keith Tan, founder and Managing Partner of the private equity firm, has taken over as CLA’s chairman with effect from October 29, 2024, since former chairperson Sitoh Yih Pin has retired.
CLA was founded in 1993 and has built its niche as an IPO consultant, the company said. It has now developed its expertise in IPO, tax, risk advisory, valuation, insolvency and restructuring, sustainability and climate change advisory, among others.
Prior to Dymon’s investment in CLA, Asia has witnessed a spate of deals in the professional business services sector. Most recently, Hillhouse acquired In.Corp from TA Associates, which had bought the company from EQT. Last year, Malaysia-based COPE Private Equity invested in CC International Bhd. Meanwhile, CVC Capital Partners invested in UnitedLex via its Asia strategy, while EQT owns Tricor through Baring Private Equity Asia.
Dymon has been busy in the past couple of months, with recent investments in Thai education firm TUSK Asia; and Singapore-based Mind Stretcher Group, a company providing pre-primary and K-12 academic enrichment, tutorial, and student care services.
DealStreetAsia also reported that the firm was in talks to invest up to $40 million in Indonesia’s Playtopia.
Dymon closed its first S$300-million private equity fund in 2012, $450-million second fund in 2018, and its third vehicle at $650 million in 2022.
DealStreetAsia reported earlier that the firm was seeking to raise $500 million for the fourth fund.