Adrian Ho

I had an interesting chat with Yuke Xie from the South China Morning Post SCMP recently on the evolving investment strategies of Middle Eastern institutions and family offices.    Traditionally centered on the US and Europe, these investors and institutions are now turning their attention to the dynamic economies of #SoutheastAsia.    Looking forward, I foresee Southeast Asia maturing significantly as an investment hub, driven by its vibrant entrepreneurial ecosystem and fast-growing middle class. I believe Southeast Asia could well become a third pillar of international diversification for Middle Eastern investment, and #healthcare could potentially be a focal point.    Exciting times lie ahead for our SEA team of investment professional & operators, and we are currently raising a Southeast Asia-focused healthcare growth capital fund to capitalize on this growth.   Read more about it in the following link:

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Congratulations to Surojit Chatterjee, Souvik Sen and Ema Unlimited team on a successful fundraising! SCB 10X is thrilled to announce our investment in Ema as part of the $36M Series A extension funding round, which brings their total raise since inception to $61M. This round, led by Accel and S32, included participation from other notable investors such as Prosus Ventures, Hitachi Ventures, Sozo Ventures, Wipro Ventures, COLLE CAPITAL and Frontier Ventures B.V. Ema's innovative approach to enterprise workflow automation through Generative AI strongly aligns with our investment thesis in the Deep Tech space. Their platform, which combines a proprietary Generative Workflow Engine™, Knowledge Graph, and EmaFusion™ Model, addresses critical challenges in enterprise AI adoption while ensuring the highest levels of security and compliance. Founded in 2023, EMA has shown impressive rapid tractions within their first year. Their ability to create customizable "AI employees" or "Personas" for specific business functions promises to revolutionize enterprise productivity across multiple industries. The founding team's exceptional track record in scaling products and technologies at companies like Google, Flipkart, Coinbase and Okta, gives us confidence in Ema's ability to capitalize on the fast-growing autonomous AI and agents market, projected to reach $41 billion by 2029. As SCBX Group aims to increase our AI-enabled revenue to 75% by 2028, we believe this partnership will provide valuable insights into deploying efficient, reliable, and compliant AI solutions. We're excited to support Ema's vision of transforming the future of work with Universal AI Employees and look forward to the innovations that lie ahead. Press release of Ema’s fundraising: https://lnkd.in/gpe-FV26 #artificialintelligence #generativeai #ai #startups #venturecapital

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Setting up right and strong foundations when creating a company, is a must; more important than ever before. A company needs to have a PURPOSE and VISION. These have to be set as clear as possible by the founder(s) since its inception. Then VALUES. These will trickle down and used as the guidelines for everyone in the company to think and act. These are the backbones that will set the culture of the company. Founder/CEO cant just rely on those written and framed on the office wall. Purpose, Vision, and Values should not be something the team have to memorize. Rather, something they need to do. So, as the Founder/CEO, what you need to do is to LEAD BY EXAMPLE by always WALK THE TALK. As a VC, i would love to back this kind of company and founder. Maven Asia Capital (www.maven.asia) #mavenasiacapital

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In this intimate fireside chat, we will learn more about the Public Investment Corporation Early Stage Fund, cleverly structured to adress a number of challenges faced by startups. Cant wait!

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#China_Merchants_Capital #KKR China Merchants Capital and private equity funds including KKR & Co. are among firms considering bids for pallet maker Loscam Asia Pacific Co., according to people familiar with the matter. The investment arm of China Merchants Group and KKR have each been evaluating the business ahead of potential non-binding offers that could come as soon as Friday, the people said, asking not to be identified because the matter is private. A sale of Loscam, whose owners include China Merchants Group, Trustar Capital and FountainVest Partners, could fetch $2 billion to $2.5 billion, the people said. Loscam’s assets have also drawn preliminary interest from other alternative asset managers including Blackstone Inc. and EQT AB, the people said. While the owners are looking to divest the entire company, which operates in Australia, New Zealand, Greater China and Southeast Asia, some suitors may consider a bid for specific geographies, according to the people. https://lnkd.in/dudga7xT

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Thanks to Kavitha N. and DealStreetAsia for featuring Collyer Capital in this interesting piece about secondaries. Glad to have contributed to the discussion as the secondary toolkit, if used right and in full transparency, can really benefit all parties involved, particularly in #ASEAN. #CollyerCapital #CCPL #ASEAN #secondaries #liquidity #transparency

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Enjoyed participating in a discussion on mobilizing investment to deliver a net-zero economy at the #JapanEnergySummit. The biggest barrier constricting VC capital flow is the potential for"death-by-pilot" where start-ups fail to secure the necessary funding required to support multiple iteration and scale-up phases often with moving goalposts from customers and partners. Contrary to popular belief, it is often commercial inertia that extends these timelines, not fundamental technology issues. While commercial partners need to manage risk, start-ups need to find partners where the highest levels of management see the vision for future alignment and are not just tinkering. And start-ups need to be able to give confidence to investors by striking early commercial deals with these partners that are subject to performance milestones and show real skin in the game.

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The quick commerce space in India continues to see a steady stream of funding news in recent months, and while comparing Southeast Asia with India reveals challenges, it also highlights a lot of opportunities for growth in SEA, as companies here can tap into similar growth by adapting their approach to fit the local market. 𝗟𝗲𝗮𝗿𝗻𝗶𝗻𝗴 𝗳𝗿𝗼𝗺 𝗜𝗻𝗱𝗶𝗮'𝘀 𝗦𝘂𝗰𝗰𝗲𝘀𝘀 In India, quick commerce has become a top-of-mind option for grocery shopping and daily needs, supported by efficient operations and product diversification, including high-margin items like beauty products and electronics. Southeast Asia has the same potential. By optimizing operations, targeting the right demographics, and diversifying products, the demand for quick commerce can be met without compromising bottom line. 𝗕𝗿𝗶𝗴𝗵𝘁 𝗙𝘂𝘁𝘂𝗿𝗲 𝗣𝗿𝗼𝘀𝗽𝗲𝗰𝘁𝘀 Having invested in BeepBeep!, I'm confident of the promising future of quick commerce in SEA. From a macro perspective, the online grocery market is set to grow. As cities expand, infrastructure gets better, logistical issues are ironed out, and more people get hooked on the convenience of digital services, demand will go up. Grocery delivery is a permanent trend. Market behavior will keep shifting towards on-demand deliveries as they become more accessible, and as consumers expect more products to be available "instantly." At the same time, people want convenience and deals, and nimble businesses with innovative models (like quick commerce companies) are in a great position to meet these needs. #QuickCommerce #SoutheastAsia #RetailTransformation #BeepBeep #GenesiaVentures #OnDemand #Grocery #VentureCapital

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The latest Bain-Temasek-Google New e-Eonomy Report 2024 is out. Even as revenue growth slows, the online market in Southeast Asia continues to grow driven by secular trends, with higher EBITA margins for existing players seeking exits in next couple of years, amidst lower private funding environment… Will be interesting to see how after the US elections, alongside China’s efforts to revive its economy, the funding and exit landscape will change given the continued bifurcation and fragmentation of the global economy. A bright spot can only be as bright as the rest of the world allows it to be. One thing is clear - the region will require more (and greener) data centres to sustain the growth of its digital economy! #neweconomy #digitaleconomy #digitalisation #privateequity #venturecapital #seedcapital #southeastasia Bain & Company Google Temasek Keppel DC REIT

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What Do VCs Really Look For in a Financial Model? 💡 E27 Article: https://lnkd.in/g8zzKBeP Every VC has slightly different priorities when reviewing a financial model. Some focus on how you plan to scale to SGD100M in revenue, while others are assessing your commercial instincts and the logic behind your numbers. But amidst the variability, there are universal factors that every investor pays close attention to: 📈 Traction & Sales Funnel: Clear insights into your sales and marketing funnel, showcasing traction and your ability to grow consistently. 💰 Unit Economics: Are your economics sustainable? Investors want to see profitability at the unit level, reflecting a scalable foundation. 🚀 Route to Profitability: A clear plan for turning your business into a sustainable, profit-generating enterprise is essential. 🔍 Funding Gap: It’s critical to highlight your growth strategy and account for working capital and capex needs, ensuring the numbers make sense over time. Crafting a compelling financial model is about telling the right story with the right data. Founders, what are your go-to strategies for aligning with VC expectations in your financial models? Share your thoughts below! 👇 #Startups #VentureCapital #Fundraising #FinancialModels #GrowthStrategies

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As the Shasta Ventures approval deadline approaches, we're presented with a unique opportunity to observe the complexities and inherent conflicts in GP-led secondary transactions. This scenario sheds light on the considerable leverage GPs hold within the private equity infrastructure. According to the article, proposed continuation fund requires LPs to approve the transaction if they wish to roll their interests into the new structure—a stipulation that could be seen as putting undue pressure on LPs. This raises critical questions about the balance of power in private equity deals and the alignment of interests between GPs and LPs. What are your thoughts? Is it appropriate for GPs to demand such conditions for LPs to participate in a continuation fund? How do you see this impacting the broader private equity landscape and the perception of GP-led secondary transactions? Looking forward to hearing your insights and perspectives on this pivotal issue. #PrivateEquity #VentureCapital #InvestmentTrends #ShastaVentures #GPledSecondaries

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【Temasek’s Bold $10 Billion Investment in India 🇮🇳】 -- A Strategic Move Amid China Slowdown In a move that underscores India’s growing significance on the global investment landscape, Singapore’s sovereign wealth fund, Temasek Holdings, has announced plans to invest $10 billion in India over the next three years. 🇨🇳 This ambitious investment comes at a time when the performance of #Chinese markets has been lackluster, underscoring #India’s importance as one of Temasek’s top two preferred markets globally, alongside the #US. 🇸🇬 Looking at Temasek's #trackrecord, it's impressive to note that they have already deployed around $37 billion in India over the past two decades.. 💡As of 2023, India now makes up 7% of Temasek’s global portfolio by underlying assets, up from 4% in 2020. In 2023 alone, they invested a record $3 billion in the country. What stands out to me is their perspective on India's market dynamics: "India has always commanded a premium due to its growth potential. By identifying and investing in the right businesses, consistently achieved returns that justify the higher valuations" "The capital markets and deal sizes in India have been steadily increasing, thanks to the expanding and maturing financial markets. The current high valuations are justified by the potential for above-average returns," Temasek’s #InvestmentStrategy in India will focus on several key areas, including technology, financial services, healthcare, and consumer goods. 🌡️ For instance, Temasek’s portfolio, Sheares Healthcare Group, healthcare investor, recently invested almost $2 billion in Manipal Health Enterprises Pvt. Ltd, Indian leading muli speciality hospital operator, with total stake of 59% (new 41%) at $4.9 billion valuation. This valuation is justified by Manipal’s strong financial performance, including 1) a revenue of around $488 million, 2) an EBITDA margin of 24% for FY 2023, 3) several millions patient as sticky customers and 4) potential for free cash flow generation. Later, they sold 8% stake to Abu Dhabi sovereign wealth fund, Mubadala while holding majority shares. Very successful story and foreseen investment. I reckon their increasing investment in India reaffirms the country's status as a pivotal destination for global investors. As someone keenly observing these developments, it's clear that India's market offers tremendous opportunities, and Temasek’s commitment only strengthens this outlook. Ravi Lambah Alex Lin #startup #Singapore #Investment

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It's interesting that Tech in Asia released an article today on VC secondaries (which was republished with permission from The Realistic Optimist) talking about the emergence of VC secondaries as a crucial yet underused mechanism for the Tech ecosystem. Given my fond memories of my Private Equity days, let's talk a bit about Secondaries. 🔍 𝐖𝐡𝐚𝐭 𝐢𝐬 𝐚 𝐒𝐞𝐜𝐨𝐧𝐝𝐚𝐫𝐲 𝐌𝐚𝐫𝐤𝐞𝐭 𝐓𝐫𝐚𝐧𝐬𝐚𝐜𝐭𝐢𝐨𝐧? In simple terms, it's when shareholders of a company sell their stock to another investor, or a fund investor sells their LP ownership stake to another fund investor. 🔄 𝐓𝐲𝐩𝐞𝐬 𝐨𝐟 𝐒𝐞𝐜𝐨𝐧𝐝𝐚𝐫𝐢𝐞𝐬 1. LP Secondaries: Most common type of Secondaries, where an existing LP's ownership in a PE/VC fund is bought by another LP. 2. GP Secondaries: A fund sponsor sells one or more assets from a fund it manages to a new fund, often managed by the same sponsor and capitalized by secondary buyers. 💡 𝐖𝐡𝐲 𝐒𝐞𝐜𝐨𝐧𝐝𝐚𝐫𝐢𝐞𝐬? 𝐖𝐡𝐲 𝐧𝐨𝐭 𝐬𝐞𝐥𝐥? If they could sell, they would (𝘢𝘵 𝘢 𝘨𝘰𝘰𝘥 𝘱𝘳𝘪𝘤𝘦, 𝘵𝘩𝘢𝘵 𝘪𝘴). In this current market where liquidity is scarce, exiting at a marked-up MOIC/IRR (𝘪.𝘦. 2021-22 𝘷𝘢𝘭𝘶𝘢𝘵𝘪𝘰𝘯) is challenging. In a LP Secondary scenario, a LP may decide to reduce their exposure to a certain geography due to a variety of reasons (𝘦.𝘨. 𝘨𝘦𝘰𝘱𝘰𝘭𝘪𝘵𝘪𝘤𝘢𝘭, 𝘱𝘰𝘳𝘵𝘧𝘰𝘭𝘪𝘰 𝘳𝘦𝘣𝘢𝘭𝘢𝘯𝘤𝘪𝘯𝘨). In a GP Secondary scenario, more often than not, the fund projects that the portfolio companies require a bit more time (𝘴𝘶𝘣𝘫𝘦𝘤𝘵𝘪𝘷𝘦) to realize the potential returns. 💰 𝐖𝐡𝐲 𝐁𝐮𝐲 𝐚 𝐅𝐮𝐧𝐝 𝐒𝐞𝐜𝐨𝐧𝐝𝐚𝐫𝐲? Similar to other asset classes investment rationale, a Secondary investor may be able to acquire a good asset (𝘪.𝘦. 𝘢 𝘱𝘰𝘳𝘵𝘧𝘰𝘭𝘪𝘰 𝘰𝘧 𝘤𝘰𝘮𝘱𝘢𝘯𝘪𝘦𝘴) at a deeply discounted price, resulting in a respectable return in a much shorter timespan (𝘵𝘩𝘪𝘯𝘬 1.5-2𝘹 𝘔𝘖𝘐𝘊 𝘢𝘯𝘥 16-25% 𝘐𝘙𝘙 𝘰𝘷𝘦𝘳 2-3 𝘺𝘦𝘢𝘳𝘴), relative to a typical 10-year fund life. In our inherently inefficient market, Secondaries can provide a crucial capital bridge to support the tech ecosystem and capital markets. Unfortunately, these transactions are still rare in Southeast Asia. #VentureCapital #PrivateEquity #Secondaries #Startups #TechEcosystem #SouthEastAsia

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Doing our investments at freesearch ventures from Singapore, I'd like to tell you more about this amazing place, which is a one-of-a-kind global financial hub. Thanks to the hard work of Singaporeans and the smart decisions of their leaders, it's now one of the most developed countries in the world and a major player in Southeast Asia. I think one of the main reasons for this growth over the last 60 years is that this country has developed into a global financial centre. In 1960’s, there was a big gap in Southeast Asia. By being in the right time zone, Singapore made it possible for banks to operate 24/7 for the first time in history, becoming the link between major financial center’s worldwide. There was a lot of work to do to build trust and put in place a solid legal framework that would support and attract international business. Singapore made a commitment to create a transparent, reliable and business-friendly environment. By making sure the rules are strong, the law is enforced, and people can trust the system, Singapore has become the top place for global finance and investment. Singapore has become a major player on the global financial scene and is now also a regional leader in VC. These days, Singapore is more than just a gateway to Southeast Asia. It's also a magnet for venture capitalists and startups alike. They're attracted by the country's strong financial infrastructure, clear regulations, and business-friendly policies. The city-state of six million people is now home to more than 4,000 start-ups, 400 venture capital (VC) funds and family offices, 200 private and government-sponsored incubator and accelerator programmes, and 1,100 family offices, according to the Singapore Economic Development Board (EDB). #Singapore #fintech #VC

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Congratulations to our True Global Ventures portfolio company Animoca Brands and team (Kenneth Shek Yat Siu Evan Auyang Jared Shaw Minh Do Alan Lau) with their US$23.9 million committed at 12x oversubscription on the MOCA Token Launch! 🌟 The total pre-deposited funds of US$29.3m was conducted on MocaList, a new co-branded token launchpad jointly launched by Mocaverse and CoinList. Access to the offering was gated by Moca ID, the MOCA Token Launch was the top-funded sale on CoinList so far in 2024, with participation by nearly 17,000 unique KYC-ed users from 123 different countries and record participation from the Mocaverse community. The MOCA Foundation serves as the platform to build the largest interoperable cultural economy in the Web3 space powered by the MOCA Token, and support the growth of Moca DAO, where members will take the lead in co-creating Migration Infrastructure Providers (MIPs) and engaging in cross-DAO empowerment through unique delegation models. I see KYC-Identity interoperability across Web3 applications accelerating ease of mass market adoption such that when you onboard onto one MOCA Ecosystem Web3 application you easily onboard onto all at the same time! https://lnkd.in/d6XTA-5D

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Japan’s oldest VC firm Jafco Group Co. is expecting a 200% return for its SV7 fund as several portfolio startups have expanded operations in foreign nations. The firm expects the fund’s value to cross the paid-in capital by 2.5 times. The early-stage VC firm also plans to launch a new $640M fund next year. Portfolio startup Astroscale Holdings is expected to cement its unicorn status and cross the $1B valuation mark soon. Jafco has backed 4,100 startups to date and has about $2.9B (466B yen) worth of assets under management. By Oct. 2023, Japan had only seven unicorn startups, per the Japan Venture Capital Association. Japanese Prime Minister Fumio Kishida has introduced several reforms with the aim to create about 100 unicorn startups by 2027.

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📣 Focal powered by HSBC Innovation Banking, is back! 🚨 Applications for Focal’s W24 demo day are open to startups raising in the next 6 months. Go apply here 👉 www.gofocal.vc Even those who don’t make it to demo day can get introductions to over 250 leading VC fund partners, including Techstart Ventures LLP. #focal #startup #fundraising #vc #demoday

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Read about our most recent investment in the lending infrastructure space in Indonesia!

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