5Y Capital Evolution Fund II & 5Y Capital Growth Fund I (5Y Capital) 

5Y Capital launched its latest fund in November 2020 with a new name, having formally separated from Morningside Group, but it was the same old story in terms of the process: oversubscribed and speedily done. The firm secured $1.6 billion for its sixth US dollar-denominated China offering, beating a target of $1.4 billion, and it was wrapped up in four months. An early-stage fund of approximately $904 million was accompanied by a $653 million growth vehicle. 5Y raised $660 million and $1 billion for its fourth and fifth funds, each of which had a similar dual tranche structure.

Gaorong Partners Fund V (Gaorong Capital)

Gaorong Capital has closed its fifth US dollar-denominated China VC fund in early October 2020 with commitments of $1.15 billion, taking its assets under management to $4 billion. The new fund is more than twice the size of its predecessor - which closed at $500 million in 2018 - yet it was still substantially oversubscribed. The fundraising process took just over one month. LPs include sovereign wealth funds, endowments and foundations, fund-of-funds, family offices, corporates, and technology entrepreneurs. The objective remains building a portfolio of early- and growth-stage assets in new retail, technology, enterprise services, and medical technology.

OSV III (Openspace Ventures)

Openspace Ventures closed its third Southeast Asia fund – which targets companies with B2C and B2B technologies – at the hard cap of $200 million in February 2021. The process took about one year. The firm raised $145 million for its previous fund in 2018. Re-upping LPs include Temasek Holdings, StepStone Group, Sofina, San Diego City Employees Retirement System, and Duke University. While re-ups accounted for 80% of a $90 million first close in June 2020, efforts were made to diversify the LP base. The likes of DEG, Norfund, 57 Stars, and Mizuho Financial Group subsequently came in as new investors.

Source Code Venture Fund V & Source Code Growth Fund II (Source Code Capital)

In 2014, as a newly minted spinout from Sequoia Capital China with fewer than 10 staff, Source Code Capital raised a $100 million fund. Seven years on, in April 2021, the firm closed its fifth US dollar-denominated vehicle at $1 billion. Headcount now exceeds 100, including seven partners, 30 investment professionals, and a separate post-investment team. Source Code’s latest offering comprises venture and growth vehicles of $420 million and $580 million, respectively. They were substantially oversubscribed. It raised $570 million in the previous vintage, introducing separate venture and growth capital pools for the first time.

Stellaris Venture Partners India II (Stellaris Venture Partners)

Stellaris Venture Partners has closed its second early-stage India fund on $225 million in August 2021, comfortably exceeding the $160 million target while diversifying the LP base. The firm was founded in 2017 and raised $90 million for its debut fund. LPs in that vehicle include Small Industries Development Bank of India (SIDBI), IT services giant Infosys, and approximately 50 Indian entrepreneurs, executives, and fund managers. About half the corpus comprised rupee capital. While local entrepreneurs continue to be represented in Fund II, the US dollar-denominated share has risen to 75%. Global LPs account for 80% of overall commitments.



Adamantem Capital Fund II (Adamantem Capital)

Sydney-based Adamantem Capital launched its second fund with a target of A$700 million ($514 million) in February 2020, a matter of weeks before the pandemic hit Australia. Nevertheless, a first close of A$675 million came seven months later and investors accounted for half the commitments, with a 50-50 domestic-foreign split. The fund ultimately closed in June 2021 on A$794.8 million. LPs include Australia’s Clean Energy Finance Corporation, which is making its first commitment to a private equity fund on the back of Adamantem’s proactive approach to emissions reduction. The GP closed its debut fund on A$608 million in 2018.

Anchor Equity Partners Fund IV (Anchor Equity Partners)

Anchor Equity Partners closed its fourth Korea and North Asia-focused fund with $1.6 billion in commitments in September 2021 after approximately five months in the market. The target was $1.5 billion. Anchor was established in 2012 by three senior members from Goldman Sachs' principal investment team in Korea. A debut vehicle of $500 million closed the following year and the firm has stepped up in size with each subsequent vintage, raising $850 million for its second fund and $1.12 billion for its third. The strategy straddles minority and majority deals, ranging from industry consolidation opportunities to growth capital investments.

Kedaara Capital III (Kedaara Capital)

Kedaara Capital closed its third India middle-market fund at just under $1.1 billion in June 2021, becoming one of few domestic managers to cross the $1 billion threshold. It edged past the hard cap of $1 billion on the back of strong investor demand. Existing LPs account for the bulk of the corpus. Kedaara closed its debut fund on $540 million in 2013 and took three months to raise $795 million for its second in 2017. As of March 2021, Fund I was marked at a 3.8x multiple and a 43% gross IRR. Six of nine investments had been exited.

LAV Fund VI & LAV VI Opportunities (Lilly Asia Ventures)

Lilly Asia Ventures (LAV) closed its sixth healthcare fund on $1.35 billion in January 2021 after six months in the market. For the first time, an opportunity vehicle of $450 million was introduced to invest alongside the core pool of $900 million. LPs went into both on a pro rata basis. Despite the size increase – LAV raised $450 million for Fund IV and $750 million for Fund V – the mandate is unchanged: stage agnostic; focused on pharmaceuticals, human therapeutics, medical devices, and diagnostics; China as the core geography, but with scope to pursue deals elsewhere that have a China angle.

Novo Tellus PE Fund 2 (Novo Tellus Capital Partners)

Recognizing Southeast Asia private equity is not the easiest sell, Novo Tellus Capital Partners turned the pitch on its head. The manager first emphasized its strategic positioning and industrial technology expertise before mentioning its geographic mandate. The approach proved successful, with Novo Tellus closing its second fund on $250 million in December 2020, beating the $175 million target. Fund I had a $25 million corpus and a single institutional backer; Asian families and high net worth individuals made up the rest. Institutional players, including pension funds, endowments and foundations, and sovereign wealth funds, account for 80% of Fund II.



Boyu Capital Fund V & Boyu Capital Growth Fund I (Boyu Capital)

Boyu Capital took three months to reach a final close of $6.3 billion on its fifth China fund in June 2021. The institutional corpus comprises a $5 billion flagship vehicle and a $1 billion growth equity pool. It represents the largest US dollar-denominated fundraise by an independent China-focused manager and a significant step-up in size from the previous vintage. Boyu raised $1 billion for its debut fund and then $1.5 billion, $2 billion, and $3.5 billion for the next three. As of the third quarter of 2020, Fund I and Fund II had delivered multiples of 4.2x and 4x, respectively.

KKR Asian Fund IV (KKR)

KKR closed its fourth pan-Asian fund at $15 billion in March 2021. It is the largest US dollar-denominated private equity vehicle ever raised for the region and the largest raised by KKR globally by number of LPs. Of the 290 participating investors, 80 were new to the firm’s Asia private equity franchise. The vehicle launched in November 2019, so much of the fundraising period coincided with COVID-19. A first close of $10 billion came in June 2020. KKR closed its third Asian fund on $9.3 billion in 2017. Re-ups account for 83% of the Fund IV corpus in dollar terms.

Hillhouse Focused Growth Fund V (Hillhouse Investment)

Hillhouse Investment closed a growth equity fund, which invests globally but with a focus on Asia, in the second quarter of 2021 with $5.2 billion in commitments. The target was $2.5 billion. LPs that have disclosed their participation include Texas County & District Retirement System, San Francisco Employees’ Retirement System, South Carolina Retirement System Investment Commission, and Fubon Life Insurance. Hillhouse closed its fourth private equity fund at $10.6 billion in 2018. The Fund V vintage was split into three separate funds: Venture V, Focused Growth V, and Buyout Equity V. The core sectors are healthcare, consumer, technology, and services.



Ajaib (Alpha JWC Ventures/Horizons Ventures/Insignia Ventures/SoftBank Ventures Asia/Y Combinator)

Horizons Ventures and Alpha JWC Ventures led a $25 million Series A round for Indonesian investment platform Ajaib in January 2021. Existing investors SoftBank Ventures Asia, Insignia Ventures, and Y Combinator re-upped. All three participated in an angel round in 2019, a year before Ajaib launched the stockbroking platform that – within six months – turned it into Indonesia’s fifth-largest broker by trading volume. The company gained traction by being mobile-first and user friendly, targeting millennials through education-driven communities, and charging lower commissions than local competitors. In October 2021, Ajaib closed a $153 million Series B at a valuation of $1 billion.

Apna (Greenoaks Capital/Lightspeed Partners India/ Capital India)

Sequoia Capital India, Lightspeed Partners India, Greenoaks Capital, and invested $12.5 million in Apna in March 2021, as an extension to the $8 million Series A they provided a year earlier. Sequoia and Lightspeed were seed investors. Apna has evolved into a job marketplace and professional networking platform with 16 million users and 150,000 business customers. It has grown 125-fold in the past 15 months. By September 2021, the company had closed both its Series B and C rounds, hitting a valuation of $1.1 billion. Apna achieved unicorn status just 21 months after launching its flagship product.

Bazaar (Acrew Capital/Alter Global/BY Venture Partners/Defy Partners/Global Founders Capital/Indus Valley Capital/Next Billion Ventures/Saison Capital/Wavemaker Partners/Zayn Capital)

Online B2B marketplace Bazaar completed what is claimed to be Pakistan’s largest-ever Series A in August 2021 with a $30 million commitment led by Wavemaker Partners and US-based Defy Partners. Other investors include Acrew Capital, Global Founders Capital, Saison Capital, Zayn Capital, BY Venture Partners, Indus Valley Capital, Next Billion Ventures, and Alter Global. Bazaar serves more than 750,000 small and medium-sized enterprises (SMEs) across 400 towns. It operates an e-commerce marketplace through which merchants can stock up on inventory from a catalogue of 1,000 product lines. There is an accompanying digital ledger that helps SMEs with cash management.

SafetyCulture (Blackbird Ventures/Index Ventures)

Blackbird Ventures led a A$48.5 million ($35 million) round for Australian workplace safety platform SafetyCulture in October 2020 with support from Index Ventures. It came six months after a Series C of similar size and about six months before the company closed a A$99 million round at a valuation of A$2.2 billion. SafetyCulture launched in 2004 as a safety inspection checklist app for the mining industry, but it has since grown into a more comprehensive operations platform for working teams, offering training services as well as inspection tools. The company has more than 1.5 million users globally across multiple industries.

Turtlemint (American Family Ventures/Blume Ventures/Dream Incubator/GGV Capital/Jungle Ventures/MassMutual Ventures/Nexus Venture Partners/Sequoia Capital India/SIG/Trifecta Capital)

Indian online insurance broker Turtlemint closed its Series D round at $46 million in January 2021 with a significant contribution from Jungle Ventures. The VC firm, making its first investment in the insurtech space, topped off a $30 million contribution from GGV Capital, American Family Ventures, MassMutual Ventures, SIG, Sequoia Capital India, Blume Ventures, Nexus Venture Partners, Dream Incubator, and Trifecta Capital. Turtlemint has built a community of 120,000 advisors who have sold more than $250 million of motor, health, and life insurance via the platform. It aims to onboard one million advisors by 2025 by penetrating lower-tier cities.



Berry Oncology (China Merchants Capital/E Fund Management/Fujian Venture Investment Management/Legend Capital/Qiming Venture Partners/Xiamen C&D Emerging Industry Equity Investment/Zhongjin Qichen Industry Equity Investment Fund)

China Merchants Capital led a $99.5 million funding round for local cancer screening specialist Berry Oncology Corporation in August 2021. The round – the first tranche of a Series B – also featured Qiming Venture Partners, Legend Capital, E Fund Management, and several local industry and government-backed investment funds. Qiming and Legend first backed Berry Oncology in 2017 when it spun out from local genetic testing specialist Berry Genomics. Leveraging its parent’s resources and capabilities, Berry Oncology has established a complete genetic testing system for high-risk populations. It works with more than 700 hospitals and has tested hundreds of thousands of patients.

Dangguen Market (Altos Ventures/Aspex Management/Capstone Partners/Goodwater Capital/Kakao Ventures/Reverent Partners/SoftBank Ventures Asia/Strong Ventures)

DST Global led a $162 million Series D round for Danggeun Market, operator of Korean flea market app Karrot, at a valuation of $2.7 billion in August 2021. Aspex Management, Reverent Partners, Goodwater Capital, Altos Ventures, SoftBank Ventures Asia, Kakao Ventures, Capstone Partners, and Strong Ventures also joined the round. The company offers a mobile-first hyperlocal classified service for used goods and local community ads to a base of 21 million registered users and 15 monthly active users (MAUs). It is said to have grown 3x a year since 2018 and accounts for 77% of Korea’s secondhand goods industry.

Genki Forest (Gaorong Capital/L Catterton/Longfor Properties/Sequoia Capital China/ Temasek Holdings/Warburg Pincus)

Warburg Pincus, L Catterton, and Sequoia Capital China led a round of undisclosed size, at a valuation of $6 billion, for Chinese beverage brand Genki Forest in April 2021. Other investors included Temasek Holdings, Gaorong Capital, and Longfor Properties. Founded in 2016, Genki has established a strong presence in sugar-free beverages based on a rapid product development process akin to those use by internet companies, an ability to communicate with younger consumers through digital channels, and robust, technology-enabled sales operation.

Sales reportedly reached RMB2.9 billion ($450 million) in 2020. The company wants to reach RMB7.5 billion in 2021.

M-Daq (Affinity Equity Partners)

Affinity Equity Partners invested S$197 million ($146 million) in M-Daq, a Singapore-based technology-enabled financial services provider M-Daq, in August 2021. The proprietary transaction included primary and secondary shares. Affinity has become the largest shareholder – moving ahead of Ant Group, which makes it easier for M-Daq to acquire e-commerce customers – and has a joint controlling stake alongside company management. M-Daq has developed foreign exchange and risk management software that enables customers to shop in their home currency and merchants to receive payment in a different currency. It has facilitated $13 billion in e-commerce transactions to date, mostly for Alibaba Group platforms.

My Muscle Chef (Quadrant Private Equity)

Quadrant Private Equity established a partnership with Australia-based pre-packaged meals provider My Muscle Chef in November 2020 that will see it invest more than A$100 million ($74 million) in the business at a valuation of A$200 million. Founded in 2013, My Muscle Chef sells around 20 million meals per year to more than 90,000 active online customers, emphasizing health and nutrition. In the past two years, revenue and customers on weekly subscriptions have grown 5.5x and 3x, respectively. The company’s emergence as the largest direct-to-consumer player in its segment reflects a broader disruption in Australia’s food and beverage space.



Shiseido personal care business (CVC Capital Partners)

CVC Capital Partners acquired a majority stake in Shiseido’s personal care business at a valuation of JPY160 billion ($1.52 billion) in July 2021. The target business – which includes haircare brand Tsubaki and skincare label Senka – has been spun off into a joint venture, with CVC holding 65% to Shiseido’s 35%. The deal is a classic corporate divestment in that Shiseido wants to channel its resources into becoming a global leader in skin beauty by 2030 and personal care doesn’t fit into that matrix. CVC is said to have first broached the possibility of a carve-out five years ago.

China Biologic Products Holdings (Centurium Capital/Hillhouse Capital/Temasek Holdings/Trustar Capital)

CenturiumCapital, Trustar Capital, Hillhouse Capital, and Temasek Holdings completed a$4.6 billion take-private of US-listed China Biologic Products Holdings inApril 2021. The consortium already held a 58% stake following a $590 millionshare issue by China Biologic in 2018, when the company was being targeted bycompeting buyout offers. David Li, Centurium’s founder, invested in the companywhile at Warburg Pincus. The latest transaction was driven by a belief thatperformance was lagging because – after Warburg Pincus exited in 2016 – theshareholder base had become fragmented, and management was not incentivized todrive growth.  

Kakao Japan (Anchor Equity Partners)

Anchor Equity Partners, which has previously invested in several of Korea-based subsidiaries of Kakao Corporation, committed JPY60 billion ($550 million) to the technology conglomerate’s Japan unit in May 2021. The deal values Kakao Japan at JPY800 billion. Kakao entered Japan in 2016 with Piccoma, an online manga subscription service. Piccoma is now the largest webtoon platform in the country – and the best-selling manga app in the world – with 27 million downloads to date. Gross merchandise value came to JPY37.6 billion in 2020, up 144% year-on-year. Kakao wants to create a comic-centric content ecosystem with a global footprint.

Postman (Battery Ventures/Bond Capital/Charles River Ventures/Coatue Management/Insight Partners/Nexus Venture Partners)

Postman established itself as India’s most valuable software-as-a-service (SaaS) start-up in August 2021, closing a $225 million Series D round at a valuation of $5.6 billion. Insight Partners took the lead with support from Coatue Management, Battery Ventures, Bond Capital, Charles River Ventures, and Nexus Venture Partners. Nexus provided the company’s early rounds. Postman, based in India but with a presence in the US, specializes in SaaS for application programming interface (API) development teams. Its platform is used by 17 million developers and its app has been downloaded over 60 million times. Customers include Salesforce, Stripe, Kroger, Cisco, and PayPal.

Viva Republica (Alkeon Capital/Altos Ventures/Greyhound Capital/Korea Development Bank)

Viva Republica, operator of the Korean money transfer app Toss, raised a KRW460 billion ($404 million) round led by US-based Alkeon Capital in June 2021. Korea Development Bank (KDB), Altos Ventures, and Greyhound Capital also participated. The valuation was approximately $7.2 billion, a threefold increase from the company’s previous round 10 months earlier. COVID-19 is considered a key driver of recent momentum. The app currently has about 11 million monthly active users and is targeting 20 million by 2025. Revenue came to KRW390 billion in 2020 and is expected to top KRW1 trillion this year.


Best & Less Group (Allegro Funds)

Best & Less Group (BLG), an Australasian baby and kids value retailer, backed by Allegro Funds, raised A$100 million ($73 million) through a domestic IPO and strategic investment in July 2021. Allegro Funds took A$91.3 million off the table and retain 43.5%. BLG’s share price has increased by 55% since listing with a market capitalization of over A$400 million. The IPO follows a rapid transformation of BLG since Allegro’s acquisition in December 2019. In 20 months, EBITDA tripled to over A$70 million and revenue grew to over A$650 million. Allegro is sitting on an IRR of more than 500%.

Boss Zhipin (Capital Today China Group/Ceyuan Ventures/China Renaissance/Coatue Management/Gaorong Capital/GGV Capital/MSA Capital/Meridian Capital/Sequoia Capital China/Shunwei Capital/Tiger Global Management)

Chinese mobile-first recruitment platform Boss Zhipin raised $1 billion through a US IPO in May 2021 after the over-allotment option was fully exercised. The company sold 48 million American Depository Shares (ADS) for $19 apiece. As of mid-October, it was up 79% on the IPO price – with a market capitalization of $13.9 billion – despite getting hit by a China cybersecurity review in July, during which new user registration was suspended. MSA Capital led the Series B in 2015 at a valuation of $36 million and now holds a 4% interest worth $550 million. Its unrealized return is more than 80x.

KakaoBank (Anchor Equity Partners/TPG Capital)

KakaoBank, a Korean mobile-only bank established by Kakao Corporation, raised KRW2.6 trillion ($2.3 billion) through a domestic IPO in August 2021. It sold 65 million shares sold for KRW39,000 apiece, the top end of the indicative range. As of mid-October, KakaoBank was trading at 51% premium to the IPO price with a market capitalization is KRW28 trillion, more than any traditional local financial group. Anchor Equity Partners and TPG Capital made separate investments of KRW250 billion in November 2020. Each now holds a 2.24% stake worth KRW628 billion. Five-year-old KakaoBank is Korea’s largest digital lender with 15 million customers.

Mr DIY (Creador)

Mr DIY, a Creador-backed home improvement retailer, completed Malaysia’s largest IPO in three years in October 2020 by raising MYR1.51 billion ($362 million). It sold 941.5 million shares for MYR1.60 apiece. Creador has made two partial exits, realizing MYR217 million through the IPO and MYR856 million via a secondary trade in August 2021. It retains 11.5%. As of mid-October, Mr DIY’s stock was up 130% with a market capitalization of MYR23.1 billion. Creador invested in 2016, supporting a tripling of the store network, an e-commerce expansion, and a fourfold increase in revenue. It is sitting on a 7x overall return.

Zomato (Ant Group/Baillie Gifford/Bow Wave Capital Management/D1 Capital Partners/ Dragoneer Investment Group/Fidelity/Glade Brook Capital/Info Edge India/Kora Management/Sequoia Capital India/Shunwei Capital/Temasek Holdings/Tiger Global Management/Uber/Vy Capital)

At INR93.7 billion ($1.26 billion), Zomato’s IPO is the fifth-largest private equity-backed offering on record in India. It may also represent a watershed for the country’s start-up ecosystem as the first large-scale pre-profit technology company accepted by the domestic stock exchanges. Zomato, India’s largest food delivery player by gross order value and its most popular online platform for restaurant reservations, sold 1.23 billion shares for INR76 apiece. As of mid-October, it was trading at a 77% premium to the IPO price with a market capitalization of INR1 trillion, more than three times the valuation of its last private round.



Ascender (Potentia Capital/Five V Capital)

Potentia Capital and Five V Capital exited Australia-based software provider Ascender to Ceridian of the US at an enterprise valuation of around $500 million in June 2021. The private equity firms led a consortium that carved out the company from Allegis Global Solutions in 2015 at a valuation of $25 million. MLC, HarbourVest Partners, and US-based L Capital came in as co-investors. The earliest backers generated a 30x return. During the holding period, Ascender, a payroll management specialist, underwent a corporate restructuring, shifted toward cloud-first platforms, and went from Australia-centric to having a presence in 31 markets.

Gourmet Food (CPE Capital)

CPE Capital (CPEC) sold Gourmet Food Holdings (GFH) – an Australia-based producer of crackers, biscuits, and pre-packaged seafood – to food multinational Mondelēz International for A$454 million ($337 million) in April 2021. It generated a 5.3x multiple and an 87% IRR. Having acquired a 71% stake in GFH in 2018, CPEC invested in manufacturing to double capacity and boost operational efficiency, increased SKUs by 70% through product category expansion, grew exports more than twofold, improved environmental practices, appointed key executives and doubled overall headcount. These efforts contributed to a 2.4x jump in EBITDA under CPEC’s ownership. Almost all growth was organic.

Hyperconnect (Altos Ventures/SoftBank Ventures Korea)

Korean social media platform Hyperconnect was sold to online dating giant Match Group for $1.73 billion in June 2021. Existing investors, including Altos Ventures and SoftBank Ventures Korea, received cash and stock. Hyperconnect is best known for Azar, the highest-grossing one-to-one live video and audio app globally, with more than 540 million downloads to date and over 85 billion cumulative matches (executed using a swipe left motion). The company is a pioneer in web-based real-time communication and voice translation. Altos invested $2 million in 2014 and re-upped a year later in a $8.5 million Series that also featured SoftBank.

Integreon (NewQuest Capital Partners)

NewQuest Capital Partners sold Integreon, a business process outsourcing provider with a significant Asia footprint, to US-based EagleTree Capital in April 2021. Entry and exit valuations were not disclosed, but NewQuest is said to have generated a more than 5x return. It bought Integreon in 2016 from Philippines-based Ayala Corporation and Actis Capital. The company had

failed to integrate previous acquisitions effectively, leading to disparate management, bloated costs, and several years of flat revenue and negative EBITDA. NewQuest restructured the business, brought in new management, streamlined operations, and revamped sales strategy. Revenue rose more than 60% and EBITDA turned positive.

Purplle (IvyCap Ventures)

IvyCap sold its entire Fund I position in India-based beauty e-commerce platform Purplle as part of a $45 million Series D in March 2021, generating a 22x multiple. The exit – which returned 135% of the INR2.4 billion ($38 million) fund corpus – is said to be the largest from a rupee-denominated VC fund. Founded in 2012, Purpple gained traction as an e-commerce marketplace, but soon expanded into direct-to-consumer private-label brands. This helped make it capital-efficient and profitable ahead of a Series C round in 2019. Revenue exceeds $100 million on an annualized basis. The Series D valued Purpple at $300 million.



Apex International (MBK Partners)

MBK Partners sold Apex International, China’s second-largest air freight forwarder, to Swiss logistics giant Kuehne + Nagel in February 2021 for approximately $1.5 billion. The private equity firm, which acquired Apex for $85 million in 2015, has generated a 4.5x multiple on the investment. Apex offers a range of air and sea freight services, including warehousing, distribution support, inventory management, and transportation. MBK expanded what was a 21-office operation across China and the US into a global network of 41 offices, 10,000 customers, and $2.3 billion in annual revenue. Several bolt-on acquisitions strengthened Apex’s capabilities in cross-border e-commerce logistics.

Hygeia Healthcare (Warburg Pincus)

Warburg Pincus fully exited China’s Hygeia Healthcare in September 2021, having completed three block trades – with gross proceeds of more than $630 million – since the company listed in Hong Kong in June 2020. The PE firm became Hygeia’s largest institutional investor in 2015 and committed $78 million over the course of its six-year hold. During this period, Hygeia was transformed into the largest oncology healthcare services group in China with 2,560 professionals across 11 oncology-focused hospitals and 18 radiotherapy centers. Revenue and net income rose 7x and 5x, respectively. Warburg Pincus generated a more than 8x multiple on the investment.

Infogain (ChrysCapital)

Infogain is an early success story that helped establish the viability of a now thriving US-India investment corridor. The sale of the business in August 2021 to Apax Partners for an enterprise valuation of $900 million generated a 6.4x multiple for ChrysCapital. The proceeds exceed the entire $510 million corpus of the fund that made the investment. The GP acquired 70% of Infogain for $63 million in 2015. It drove the company’s transformation from a generic IT services provider into a digital engineering services specialist, making key hires, sharpening the product offering, improving systems and processes, and executing M&A.

Qscan (Quadrant Private Equity)

Quadrant Private Equity exited its 48.8% interest in Australia-based diagnostic imaging business Qscan in December 2020 when Infratil and HRL Morrison bought approximately 70% of the company for an enterprise valuation of A$735 million ($524 million). Doctors and management retain 30%. Quadrant first invested in 2017 and worked with the partner doctors to grow Qscan’s network to 72 clinics with 680 employees, recruit new senior management, and make

several strategic acquisitions. It was also led a push into PET CT scans, taking Qscan from one location to 10. The private equity firm generated a near 3x multiple.

Yongding Healthcare Management (Ascendent Capital Partners)

Ascendent Capital Partners sold China hospital operator Yongding Healthcare Management to Hygeia Healthcare for RMB1.73 billion ($269 million) in April 2021. It bought Yongding in two phases: $36 million for a 70% stake in 2014 and $29 for the remaining 30% in 2016. It helped the company transition to a for-profit enterprise, establishing new clinical departments and re-organizing the management team. This led to significant performance improvements. Despite COVID-19 – including the hospital’s environmental sample testing positive for the virus in January 2021 at a critical point in exit negotiations – operations remained stable and Ascendent guided the process to conclusion.



GlobalLogic (Canada Pension Plan Investment Board/Partners Group)

Partners Group and Canada Pension Plan Investment Board (CPPIB) exited their 45% stakes in GlboalLogic, an India-founded IT services business that has expanded worldwide, to Hitachi at an equity valuation of $8.5 billion in July 2021. Partners Group, which invested about $750 million in 2018, a year after CPPIB entered, has generated an approximately 5x return. GlobalLogic’s footprint expanded from 26 to 30 engineering centers during the holding period, while headcount rose from 12,000 to 20,000. Value creation initiatives included establishing a PE services unit (Partners Group remains a client), establishing ESG protocols, improving client account management, and M&A.

JS Global (CDH Investments)

CDH Investments generated more than $315 million through two partial exits from JS Global between April and June of 2021, reducing its stake in the Chinese household appliances maker to 6.1% from 10.6% immediately after the company’s 2019 Hong Kong IPO. The remaining position was worth $455 million as of mid-October. The private equity firm invested $180 million in JS Global in 2017 and followed up with a $49 million pre-IPO commitment. It participated in the acquisition of US-based SharkNinja in 2017, which significantly increased JS Global’s product range and geographic reach. The company’s revenue has grown 2.7x since 2017.

Softex Indonesia (CVC Capital Partners)

CVC Capital Partners exited its 40% stake in personal care products manufacturer Softex Indonesia in September 2020 when Kimberly-Clark paid $1.2 billion for 100% of the business. The family owner also exited. The private equity firm generated a money multiple of 3.3x and an IRR of 30%. During the holding period, Softex’s local market share rose from 17% to 34%. This was driven by broadening of distribution channels to include large-scale hypermarkets – which involved changes to product, pricing, packaging, and advertising expenditure – and entering new product segments. CVC also helped develop a comprehensive ESG measurement and reporting system.

Telus International (Baring Private Equity Asia)

Baring Private Equity Asia (BPEA) has realized $773 million from Telus International since the start of 2021: a $367.5 million partial exit through the company’s $1.06 billion dual listing on the New York and Toronto, and a secondary offering worth $405.3 million. The private equity firm – which acquired a 35% interest in Telus International at a valuation of $930 million in 2016 – retains an approximately 26% stake worth $2.5 billion as of mid-October. This implies BPEA is sitting on an overall return of 10x return. Value creation initiatives include global expansion, digital transformation, and a focus on technology sector clients.

Woowa Brothers (Altos Ventures/BonAngels Venture Partners/CyberAgent Ventures/Goldman Sachs/GIC/Greenspring Associates/Hillhouse Capital/IMM Investment/Naver/Sequoia Capital/Stonebridge Capital)

From Altos Ventures to Goldman Sachs to Hillhouse Capital, Woowa Brothers received nearly $500 million in funding from 11 investors between 2011 and 2018. They helped the company become Korea’s preeminent food delivery business and then secured a sizeable windfall in March 2021 when Delivery Hero completed a $4 billion acquisition. Existing investors received cash or stock. To underline Woowa’s scale, the company generated gross merchandise value (GMV) of EUR4.6 billion ($4.1 billion) in the first nine months of 2019. Delivery Hero’s GMV from its entire operation across Europe, Asia, the Middle East, and the Americas was EUR5.2 billion.



Altos Ventures

Altos Ventures, an early-stage investor with $2 billion in assets under management across Korea and the US, featured in numerous landmark Korean exits and up-rounds over the past 12 months. In the first quarter alone, Woowa Brothers and Hyperconnect were sold via trade sales of $4 billion and $1.73 billion, respectively, and Coupang completed a $4.55 billion US IPO. A $896 million sale of Zigzag came soon after. Meanwhile, the likes of Dangguen Market, Viva Republica, and Socar continue to raise significant sums. Altos’ global portfolio is said to include 10 unicorns and 14 companies valued above $250 million.

Kedaara Capital

Kedaara Capital’s debut India fund was marked at 3.8x as of March 2021, a matter of weeks before a sixth exit out of nine portfolio companies. Kedaara’s minority position in Parksons Packaging – acquired for INR2 billion ($27 million) in 2015 – was taken out when another private equity firm bought a majority stake for an estimated INR22-23 billion. Investments have been less plentiful, although there was a carve-out of Sanofi’s local nutraceuticals business. Robust Fund I performance set the scene for Kedaara’s third vintage. The firm reached a final close of $1.1 billion in June 2021, edging past the hard cap.

Quadrant Private Equity

Quadrant Private Equity has closed two funds in the past 12 months, raising A$1.24 billion ($938 million) for its latest flagship buyout strategy and A$530 million for a second growth vehicle. Final closes were reached within eight weeks. New investments continued apace, with Quad Lock, Total Drain Group, My Muscle Chef, Fullerton Health Australia, TSA Management, Affinity Education, and Papinelle added to the portfolio. Meanwhile, Adore Beauty and Peter Warren Group both listed and QScan was exited via a trade sale. Quadrant also became the first Asia-based manager to make the top 10 of the HEC-Dow Jones Private Equity Ranking.

Source Code Capital

Now seven years old, Source Code Capita’s assets under management have reached RMB35 billion ($5.4 billion) and its headcount has surpassed 100. A fifth US dollar-denominated fund of $1 billion – split between venture and growth vehicles – closed in April 2021. Either side of this, Source Code closed its fourth and fifth renminbi funds with commitments of RMB3.8 billion and RMB7 billion. The firm has led rounds for the likes of Ones, Yuanbao, and Zhongneng United, while several existing investees have raised sizeable follow-on rounds. Liquidity events include an IPO for Relx Technology and a trade sale of Deepmotion.

Lilly Asia Ventures

Lilly Asia Ventures (LAV) has joined a string of $100 million-plus funding rounds in the past 12 months, perhaps explaining the strategic shift in its fundraising that saw an opportunity vehicle feature alongside the core healthcare fund for the first time. The firm raised $1.35 billion in total, up from $750 million in the previous vintage and $450 million in the one before that. Several of these larger rounds were for companies that are thought to be on course for IPOs, such as InventisBio, CARsgen Therapeutics, and Insilico Medicine. Others have already completed the journey, notably Gracell Biotechnologies Abbisko Therapeutics.


(AUM - $7.5 billion and above)

Baring Private Equity Asia

Baring Private Equity Asia (BPEA) has generated $8 billion in liquidity over the past 12 months from a dozen companies. Disclosed activity includes IPOs for JD Health and Telus International, a full exit from Logen and partial exits from Lumenis, SAI Global, Clarivate Analytics, and Coforge. As of early 2021, BPEA had distributed approximately $2 billion from its 2018 vintage seventh fund and the IRR was above 50%. Fund VIII is currently being raised. Among the eight new investments are business services players HGS, Straive, and Virtusa, Vietnam consumer retail business The CrownX, and China-based AI chip designer Horizon Robotics.

Boyu Capital

Boyu Capital’s fifth fund represents a significant step-up in size from its fourth – $6.3 billion across core and growth vehicles versus an individual pool of $3.5 billion – but the firm has been deploying rapidly across China’s new economy and healthcare sectors. Some of these high conviction bets have achieved liquidity since September 2020, with Kuaishou, Perfect Diary, Brii Biosciences, Waterdrop, and Antengene all listing in the past 12 months. Meanwhile, numerous earlier bets have already paid off, with Boyu’s first and second funds marked at 4.2x and 4x as of the third quarter of 2020.

CVC Capital Partners

CVC Capital Partners is known for getting traction in Southeast Asia through partnership deals with family-owned businesses. Two of these investments have crystallized into significant liquidity events in the past 12 months: Softex Indonesia was exited via a trade sale, generating a 3.3x multiple, and Tidlor completed Thailand’s fifth-largest IPO, achieving a market capitalization of $1.1 billion. A $1.5 billion carve-out of Japan-based Shiseido’s personal care business led the new investments, but CVC was also active in the Philippines with Landers Superstore and Fast Group, in China with Yikang Pharmacies, and region-wide with A Bathing Ape and Blue Impact.


Looking past a $15 billion final close on the largest pan-regional private equity fund raised in Asia, KKR has deployed capital prodigiously since September 2020. Approximately $3.5 billion in equity was put to work by the private equity team, including six deals in the newly raised Asian Fund IV: Reliance Retail and Vini Cosmetics in India, Hyundai Global Services in Korea, Seiyu in Japan, and two unnamed China strategies in pet services and healthcare. The GP has also demonstrated flexibility in its investments, writing smaller checks for high-growth, technology-related businesses such as Adopt a Cow, Lenskart, and KiotViet.

Warburg Pincus

Warburg Pincus has deployed $2.5 billion across China and Southeast Asia in the past 12 months, backing the likes of Abbisko Therapeutics, JD Property, Genki Forest, Insilico Medicine, Terminus, MoMo, and Advance Intelligence Group. Healthcare, consumer brands, financial technology, and technology-driven infrastructure remain key themes. There was a partial exit through broadband provider Converge’s Philippines IPO and a full exit from China’s Hygeia Healthcare, with an 8x return. Warburg Pincus also completed its exit from warehousing platform ESR with a 10x return, but then returned as a shareholder after selling ARA Asset Management to ESR for cash and stock.