Pradyumna Agrawal

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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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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My views on AI/tech trends and Southeast Asia as an investment destination, published on Digital News Asia. Looking forward to speaking tomorrow at the DisruptInvest Summit in Kuala Lumpur.

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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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PE & AI: "Responsible AI in Private Equity" Some interesting insights by Dr. Michelle Seng Ah Lee as AI is becoming increasingly important for PE firms and their portfolio companies. Role of AI in Private Equity: a) In-house use: can enhance due diligence, firm efficiencies, regulatory compliance, and decision-making for deal teams b) Portfolio companies: can be a cornerstone of value creation Takeaways: - PE firms can help their portfolio companies by providing clear guidelines on how to use AI responsibly - Responsible AI means using AI in a way that is fair, transparent, and minimizes risks - PE firms should have a Responsible AI policy that outlines how they will use AI and how their portfolio companies should use AI - Responsible AI guidelines for portfolio companies should provide best practices and case studies Source: https://lnkd.in/eJ4y-dSg, Dr. Michelle Seng Ah Lee #pe #privateequity #ai

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  Interesting 2024 Report on the Asian consumer here from Pricewaterhouse Coopers Private Limited, The Big 4 Tax Consulting Firm https://lnkd.in/ewwaWE82   Check this out and I quote “Asia Pacific is a powerhouse within the global consumer markets landscape. It’s home to 60% of the global population and represents 46% of global GDP. It is projected to make up nearly two-thirds of the global middle class by 2030. The opportunities for retailers and consumer markets companies are immense. Its diversity presents further opportunity — as well as risk — with its multitude of market archetypes, economic realities and buying patterns across multiple territories. Add to this a backdrop of economic and environmental uncertainty, ‘trust’ is the key to thriving and realising the potential of this dynamic market. “   The company polled over 7,000 consumers across 11 Asia Pacific territories, as part of a global survey.   This economic vibrancy is one of the many reasons we are  really looking forward to the 10th Annual Asian Surfactants Conference in Kuala Lumpur on the November 20 – 21 (Training in person with Neil A Burns on November 19th)  Book now. The space is certain to sell out.  https://lnkd.in/ezpfZyuy

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Cross Capital Invested in Gobi Partners ’ Flagship Fund, Establishing a Strategic Partnership ■About the partnership We are thrilled to announce our LP investment in Gobi Partners’ “MERANTI ASEAN GROWTH FUND II” through Cross Capital I Limited Partnership (CC1). This marks the establishment of a strategic partnership aimed at fostering cross-border innovation and collaboration. Through this partnership, Cross Capital aims to leverage Gobi Partners’ extensive network and expertise to bridge the growth opportunities in Asia with the business collaboration and investment needs of its Japanese corporate LPs. This alliance will further strengthen Gobi Partners’ mission to drive cross-border innovation while fostering deeper connections between Japanese enterprises and Southeast Asia’s thriving entrepreneurial ecosystem. ■About Cross Capital Cross Capital is dedicated to “unlocking Japan’s potential through the power of cross-border innovation.” It operates a Japan-focused open innovation infrastructure leveraging a fund-of-funds structure. Corporate LPs participating in Cross Capital’s initiatives gain access to over 1,800 startups backed by top-tier VCs, while receiving end-to-end support, including: ・Defining collaboration themes ・Identifying and selecting partners ・Business planning ・Engaging startups ・PoC execution and business launch Additionally, Cross Capital facilitates capability-building through personnel exchange programs. Refer to our press release (https://lnkd.in/g_FsXvyS) and website for further details! Takaki Nakamura | Fumito Takashima | Thomas G. Tsao | Jamaludin Bujang | Suryono Darnor #CrossCapital #OpenInnovation #Japan #FoF

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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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 Showcasing the sustainability and economic efficiency of #renewableenergy projects can persuade #investors of their viability and potential for #highreturns.

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We co-hosted a climate tech dinner at The Conduit in London with Nomura bringing together top climate and energy transition investors and CEOs of innovative climate businesses to discuss the future of climate tech and the outlook for 2025. What stood out during the evening was the collaborative and interconnected nature of investing in this space, with many connections being made across the capital stack, from VC to growth equity to buyout to infra. There was a real sense of excitement about the rapid acceleration in some segments of climate tech. But also a realization that while the secular growth drivers behind these emerging technologies are clear, wobbles and shifts on policy and regulation are creating significant setbacks in progress and make it harder to invest behind decarbonization. With the influx of new funds and capital focused on climate tech, there is also a real need for investors to go beyond the obvious targets and themes to find proprietary and underemphasized drivers of the transition. Katherine Dixon, Expert Partner in Climate Policy at Bain & Company and Ed Daniels, CEO of Venterra Group, shared insights on industry progress, transition barriers and how investors can help drive progress to a 1.5°C pathway. Alex Stein co-head of Nomura Greentech EMEA and Simon Phelan, CEO of Hometree , discussed how to successfully scale a business in the climate sector and drive decarbonisation, digitalisation, and innovation. Thank you to our speakers, the Nomura team, and everyone who joined us for this valuable discussion.

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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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(obligatory congratulations post incoming) delighted to share that Paper.id, the Indonesian B2B fintech firm has secured a solid Series B funding round led by Square Peg, joined by new investor SMBC Asia Rising Fund, along with continued support from existing backer Argor Capital. as an early investor, I've witnessed firsthand the stereotypically intense founder journey of Yosia Sugialam, Jeremy Limman, and the entire Paper.id team. From their beginnings focused on invoice management, they've continuously innovated and expanded into reconciliation, payments, and more - positioning themselves as the leading B2B payments platform in Indonesia. what impresses me most about this team is their unwavering determination. there were many, MANY times when these guys could have called it quits, or moved onto the easier thing, or yos and jeremy could have taken a very long, very well-deserved sabbatical, but they kept chugging along. being in the industry as long as I have, this level of unflagging persistence was a rarity, and it helped them plow through countless obstacles and wins to get them to where they are today. to this day, i still reference them as the prime example of what single-minded founders are capable of. they are genuinely unique in this regard. Paper.id processed a staggering $2 billion in annual payment volume in 2023, with year-over-year TPV growth of over 30x compared to 2021. they serve over 600k clients across Indo, from SMEs to large enterprises, establishing themselves as a trusted partner for efficient transaction management. with this new funding, Paper.id will introduce more innovative services like B2B pay later options, integrated bank account payments, and cross-border B2B payments – further solidifying their position as the go-to platform for Indonesian businesses. i'm extremely bullish on Paper.id's potential to revolutionise the B2B payments landscape, not just in Indonesia but across Southeast Asia. The team's deep understanding of their customers' needs, continuous innovation, and most importantly, their indefatigable drive will get them there. congratulations to Yosia Sugialam, Jeremy Limman, and the entire Paper.id squad on this well-deserved milestone. you guys deserve every bit of success.

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Engaging chat with 🚀PETER A. K. and Marco van Zomeren from Expanding Experts about their expansion into Indonesia and Southeast Asia. Exciting to see how we can collaborate and grow together in these dynamic markets. #VentureCapital #GlobalPartnership #VCPartnership #GrowthOpportunities #MandiriCapitalIndonesia #MCI

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The Evolving Landscape of Pro Rata Rights in VC Funding Lee Edwards of Root VC underscores the importance of pro rata rights for venture capitalists to maintain their ownership stakes during subsequent funding rounds, despite potential costs. Specialized funds, such as Alpha Partners, SignalRank, and SaaS Ventures, have emerged to assist seed VCs in exercising these rights. However, later-stage lead investors and founders' efforts to limit equity sold in each round complicate early investors' participation. Early investors often rely on the advocacy of founders, which depends on the value they provide, and sometimes opt out of exercising their pro rata rights due to high valuations or an inability to keep up with larger funds. The pro rata rights landscape is evolving, with specialized funds gaining momentum to support early investors and founders. This trend is crucial as the number of later-stage deals decreases, emphasizing the significance of pro rata rights. The first quarter of 2024 saw a sharp decline in VC funding, highlighting the challenges faced by smaller funds. Experts like Steve Brotman advocate for doubling down on successful investments, while angel investor Jason Calacanis regrets not leveraging pro rata rights earlier, recognizing their potential for substantial returns. Overall, pro rata rights and strategic investments are becoming increasingly important in navigating later-stage funding complexities. # Thank you Ludmila Petrovich for your submission!

Leveraging personal and professional networks is vital, with over 70% of #venturecapitalinvestments originating from known connections, emphasizing the power of #networking.

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I love seeing when Chicago-based start-ups raise capital, especially in the energy sector and also have connections with the #singapore ecosystem! Congratulations to Aether Fuels on the $34 million in Series A #financing led by #London-based AP Ventures, and also includes Chevron Technology Ventures, CDP Venture Capital SGR and Zeon Ventures Inc.. Series #Seed lead #investor Xora Innovation and other existing investors TechEnergy Ventures, Doral Energy-Tech Ventures, Foothill Ventures and JetBlue Ventures also participated. A good mix of strategic corporate and financial investors from across the globe! Aether Fuels are developing highly scalable solutions that improve the unit #economics of producing #sustainable #fuels for #aviation and #ocean #shipping. Established in 2022 as a spin-out of Xora Innovation, a #deeptech early-stage investment platform of Singapore #sovereignwealthfund Temasek, the company has operations in #chicago and #singapore. Aether Fuels will use the new capital to further expand its world-class research and development (R&D) infrastructure and has partnered with Chicago-based GTI Energy. #fundraising #energytransition #decarbonization #fuels #capitalmarkets #innovation #midwest #illinois #temasek

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