Asia Private Markets: US$30 Billion Fundraising, Strategic Acquisitions and Record Indian IPO Highlight Selective Capital Deployment

Asia Private Markets · Week ended 30 October 2026

Week in Review

Asian private markets closed October with significant developments in institutional fundraising, strategic acquisitions, private credit and IPO activity.

Global private equity manager Advent International announced US$30 billion in commitments across two funds, while Japanese institutional capital backed a new Indian private equity platform. In Southeast Asia, Singapore continued to attract venture investment and strategic healthcare acquisitions, while alternative lenders financed manufacturing, consumer credit and infrastructure.

India’s Jio Platforms delivered a landmark stock market debut following its US$3.2 billion IPO. Singapore also recorded a notable semiconductor listing.

In Sri Lanka, strategic acquisitions across tourism, hospitality and agribusiness, alongside potential investment activity in energy infrastructure, highlighted renewed corporate transaction activity.

The central theme was selective capital deployment. Investors continue to back established platforms, specialist technologies and businesses with identifiable cash flows, but valuations, capital efficiency and credible exit pathways remain critical.

Fundraising & Capital Formation

Advent International raises US$30 billion

On 27 October, Advent International announced approximately US$30 billion in commitments across its eleventh global flagship fund and a new middle market strategy. The flagship secured nearly US$27 billion, exceeding its US$26 billion target, while the middle market fund raised more than US$3 billion.

The fundraising attracted pension funds, sovereign wealth investors, endowments, family offices and other institutional investors.

Although these are global funds rather than Asia-dedicated vehicles, the closing is relevant to Asian private markets because it demonstrates continued institutional capacity to support established private equity managers. The scale also reinforces the competitive advantage of investment platforms with established track records and demonstrated distributions to investors.

Japanese capital backs a new Indian private equity platform

India-focused One Planet Partners announced a strategic partnership with Japan’s Sumitomo Mitsui Trust Bank on 29 October. The partnership includes a strategic equity investment by the Japanese bank and its participation as an anchor investor in One Planet’s maiden private equity fund.

The platform is targeting deployment exceeding ₹3,000 crore, with an initial fund closing planned for mid-2027. The amount is a target, not capital already raised. Its strategy focuses on Indian middle market companies in energy, mobility and manufacturing, with individual investments expected to range from ₹100 crore to ₹500 crore.

Why it matters: The partnership illustrates growing Japanese institutional interest in Indian private capital opportunities, particularly businesses benefiting from industrial expansion and supply chain diversification.

Singapore attracts specialist growth capital

Singapore-based personal care business Stryv raised US$11.5 million in Series B financing, led by ACV Capital with participation from Openspace Capital and OCTAVE Capital. The company intends to expand into Taiwan and strengthen operations in Malaysia and Hong Kong, while exploring complementary acquisitions.

Separately, Singapore industrial AI company Ailytics secured US$7.4 million in Series A funding, led by Tin Men Capital, to expand its workplace safety and operational monitoring technology.

These transactions demonstrate investor interest in businesses with defined commercial applications, regional expansion opportunities and measurable operational value.

M&A & Strategic Deals

PAG acquires a controlling interest in Evergrande Property Services

Asia-focused investment manager PAG agreed on 30 October to acquire approximately 51% of Evergrande Property Services for HK$4.03 billion, equivalent to US$514 million. The seller is the liquidator of China Evergrande, and the transaction follows a competitive auction.

PAG will be required to make an offer for the remaining shares following completion of the controlling stake acquisition. The transaction remains subject to regulatory approvals and other conditions.

Why it matters: The acquisition highlights opportunities for private equity investors to acquire operating businesses with recurring revenue from financially distressed corporate groups. It also demonstrates how corporate restructuring can create acquisition opportunities for investors capable of separating viable operations from legacy financial liabilities.

TPG-backed One Aged Care expands through acquisition

Singapore-based One Aged Care, backed by TPG, announced its acquisition of Active Global Caregivers on 26 October. Active Global provides home and community care services across Singapore and Hong Kong. The acquisition strengthens One Aged Care’s integrated healthcare platform, with financial terms undisclosed.

The transaction reflects a continuing private equity strategy of consolidating fragmented service industries through platform acquisitions. Ageing populations, recurring healthcare demand and opportunities for operational integration provide a structural investment rationale for healthcare services consolidation in Asia.

Sri Lanka: tourism, agribusiness and energy infrastructure attract strategic interest

Sri Lanka recorded several notable corporate transactions during the week, particularly in tourism, hospitality, agribusiness and energy infrastructure.

Esna Holidays acquired Mackinnons Travels from John Keells Holdings PLC, bringing the established corporate travel management business, which serves as the local partner of American Express Global Business Travel, under Esna Group ownership. Financial terms were not disclosed.

Jetwing Hotels acquired a majority stake in Mermaid Hotel & Club in Kalutara, following nearly nine years as the property’s manager. The acquisition strengthens Jetwing’s ownership exposure to Sri Lanka’s hospitality sector, reflecting continued strategic interest in established tourism assets and opportunities for operational integration.

Lanka Coffee and Spices Exports (Private) Ltd completed the acquisition of 100% of the issued share capital of Whight & Company Ceylon (Private) Limited and O.S. Whight Ceylon (Private) Limited. The transaction brings together coffee plantation, processing and roasting operations under common ownership, creating a broader platform for the continued development of Sri Lanka’s coffee industry. The acquisition highlights opportunities for vertical integration, operational efficiencies and value addition within the country’s emerging specialty coffee sector.

Standard Capital PLC reported a change of control, following the acquisition of a 70.54% stake for approximately LKR 156.3 million. The transaction, completed earlier in October, triggered a mandatory offer to minority shareholders. The development highlights continued investor interest in listed corporate platforms and the regulatory obligations associated with controlling stake acquisitions.

Meanwhile, LAUGFS Gas disclosed preliminary discussions regarding potential investment, commercial collaboration or divestment involving LAUGFS Terminals, operator of the 30,000 tonne LPG terminal at Hambantota International Port. No definitive transaction has been agreed. The potential transaction is relevant given the strategic importance of energy storage and logistics infrastructure to Sri Lanka’s regional connectivity.

Private Credit & Growth Capital

Piramal Alternatives finances Indian precision manufacturing

Piramal Alternatives announced an investment of approximately ₹135 crore, or US$14 million, in Q&Q Solutions India through its India Credit Opportunities Fund II. Q&Q manufactures precision components for international customers in energy and industrial sectors.

The capital will support manufacturing capacity expansion, operational capabilities and strategic growth initiatives. This investment illustrates the growing role of private credit in supporting Indian middle market manufacturing companies requiring flexible expansion financing.

Fingular secures US$20 million for Malaysian lending

Financial technology group Fingular obtained a US$20 million credit facility from Silverstreak to expand consumer and SME lending in Malaysia. The facility increases total funding for its Malaysian lending business to more than US$50 million.

The financing demonstrates how digital lending platforms increasingly combine equity investment with dedicated credit facilities to finance loan portfolio growth. For private credit providers, such arrangements offer exposure to specialist lending businesses, although underwriting quality, collections and borrower performance remain central risks.

Indonesia finances digital and healthcare infrastructure

Indonesia Infrastructure Finance announced US$33.1 million in combined financing for a hyperscale data centre in West Java and a specialist cardiac hospital in North Sumatra. The financing includes a US$20 million syndicated loan for PT Digital Gayana Ekagrata and approximately US$13.3 million for PT Medan Kardia Indonesia.

The transactions demonstrate continued demand for project financing across digital infrastructure and essential healthcare assets.

Exits & IPO Developments

Jio Platforms reaches a US$137 billion market valuation

India’s Jio Platforms made its stock market debut on 28 October following a record US$3.2 billion IPO. The company’s shares increased approximately 27% on their first trading day, giving it a market capitalisation of around US$137 billion. Jio’s existing investors include Meta and Google.

The listing provides a significant liquidity and valuation benchmark for India’s digital economy and demonstrates the depth of its domestic institutional equity market. For private equity and growth investors, it reinforces the importance of public markets as an exit route for businesses achieving substantial scale.

Singapore semiconductor IPO raises US$168 million

Singapore-based semiconductor materials company Mi Material Holding completed an IPO and cornerstone placement with a combined transaction value of approximately S$215 million, equivalent to US$168 million. The offering priced shares at S$1.80, implying a valuation of approximately S$891 million at listing.

The transaction is notable for Singapore’s equity capital market and provides another public market financing route for technology and advanced manufacturing businesses.

What to Watch

Private equity exits. The strong debut of Jio Platforms provides evidence of institutional demand for established digital businesses, but public market volatility continues to affect IPO timing and valuations.

Private credit. Growth financing for manufacturing, financial services and infrastructure suggests further opportunities for specialist lenders across India and Southeast Asia.

Cross-border investment. Japanese institutional backing for Indian private equity and continued consolidation of Asian healthcare businesses indicate sustained demand for strategic partnerships.

Capital market discipline. India’s year-to-date M&A value was approximately US$95.5 billion, down more than 19%, according to LSEG data reported on 29 October. This suggests that strategic dealmaking remains active despite greater transaction selectivity.

DealBookAsia Perspective

The week’s developments reinforce a fundamental change in Asian private capital markets. Institutional investors are increasingly differentiating between businesses requiring capital to sustain growth and those capable of generating sustainable cash flows and realised investment returns.

Strategic acquisitions, specialist private credit, industrial technology and healthcare consolidation continue to offer opportunities for disciplined investors.

For emerging markets, including Sri Lanka, attracting institutional capital will require stronger governance, credible valuations, transparent financial reporting and investment structures that provide clear liquidity pathways.

The next phase of Asian private markets will be defined by disciplined capital allocation, operational value creation and the ability to translate investment growth into realised returns.

DealBookAsia | Connecting Capital to Private Markets

This brief is prepared from publicly reported information and is provided for general information only. It does not constitute investment, legal or tax advice, or an offer or solicitation in respect of any security or transaction.