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News on Medial
Marquee sovereign funds bet over $50 mn on Blackstone-backed Indian company
VCCircle
·
7m ago
Medial
Three prominent sovereign wealth funds, including Norway's Government Pension Fund Global, Singapore's GIC, and the UAE's Abu Dhabi Investment Authority (ADIA), have made significant investments in an Indian company backed by Blackstone. These funds have been actively investing in India for some time now and have chosen to invest in the company related to the world's largest private equity firm. The exact amount of their investment has not been disclosed.
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Singapore sovereign fund GIC bets $70 mn on PE-backed Indian lender
VCCircle
·
1y ago
Medial
Singapore sovereign fund GIC has invested $70 million in an Indian lender backed by private equity. GIC has been actively investing in India and has assets worth over $30 billion in public companies. The sovereign wealth fund has stakes in major banks and has now added a financial services firm to its local portfolio.
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GIC adds manufacturing company to India portfolio with $150-mn bet
VCCircle
·
1y ago
Medial
Singapore sovereign wealth fund GIC has made a $150 million investment in a manufacturing company to expand its portfolio in India. GIC, known for its private equity-style investments in Indian firms, was one of the most active investors in the country last year and continues to maintain a strong pace in 2021. The move showcases GIC's confidence and commitment to the Indian market.
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Blackstone may sell up to 50% in PGP Glass
Livemint
·
1y ago
Medial
Global private equity firm Blackstone is reportedly considering selling up to a 50% stake in PGP Glass, a bottle maker it acquired three years ago. Blackstone has engaged investment bank Jefferies Group to assist in finding buyers for the stake. The proposed partial sale is aimed at mitigating investment risk for Blackstone, and is similar to the strategy adopted by Singapore government's sovereign fund Temasek Holdings with its investment in Manipal Hospital. PGP Glass supplies glass bottles to various industries and has reported strong financial performance in recent periods.
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Sugar seeks $100 mn at $700-800 mn valuation
Livemint
·
1y ago
Medial
Indian D2C brand, Sugar Cosmetics, is reportedly aiming to raise $100 million in a new funding round that would value the company at around $700-$800 million. The funding will be raised through the issuance of fresh equity and stake sales by existing investors, with discussions being held with sovereign wealth funds and private equity funds. The final valuations and round construct are expected to be determined in a few weeks. Sugar Cosmetics, founded in 2012, sells cruelty-free beauty products and has a strong retail presence across India.
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Abu Dhabi wealth fund ADIA bets $120 mn more on Purplle
VCCircle
·
1y ago
Medial
Abu Dhabi Investment Authority (ADIA), the sovereign wealth fund, has invested an additional $120 million in Indian online beauty retailer Purplle. ADIA had also invested $50 million in the company last year. Purplle plans to use the funding to enhance its omnichannel offerings and improve customer experiences. The company, which competes with numerous beauty brands in India, including Nykaa and L'Oreal, reported a revenue of INR 475 crore ($64 million) for FY23. It also provided liquidity worth INR 50 crore to employees through an Employee Stock Ownership Plan.
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Saudi SWF Public Investment Fund strikes first 2024 bet in MENA paper industry
VCCircle
·
1y ago
Medial
The Public Investment Fund (PIF) of Saudi Arabia has made a significant investment in a paper manufacturing and recycling company, marking its commitment to sustainability goals. PIF, known for being an active investor among sovereign wealth funds, has started the new year by acquiring a minority stake in the company.
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Norfund to support VA Tech's $100-mn municipal projects platform
VCCircle
·
4m ago
Medial
Norfund, a Norwegian investment fund focused on sustainable development, is supporting VA Tech Wabag's $100 million municipal projects platform. VA Tech, a Chennai-based water technology company backed by Rekha Jhunjhunwala and the Norwegian sovereign wealth fund, aims to develop capital projects in the water sector. The platform, with international investors, will invest in advanced water treatment technologies over three-five years. VA Tech Wabag will provide technical services in alignment with its asset-light strategy.
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In Charts: How Middle East sovereign funds are cementing their global dominance
VCCircle
·
1y ago
Medial
Middle East sovereign wealth funds, including Saudi Arabia's Public Investment Fund, increased their investment activity in 2023 and expanded their influence in the global market. These funds outpaced state-backed investors from other countries like Singapore and Canada. Saudi Arabia's sovereign wealth fund took the lead in dealmaking.
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Saudi's Jada FoF strikes another LP-style bet for tech SMEs in MENA, Asia
VCCircle
·
1y ago
Medial
Saudi Arabia's Jada Fund of Funds (Jada FoF), backed by the Public Investment Fund, has made its fifth investment in the past six months. This investment aims to provide funding support to technology small and medium-sized enterprises (SMEs) in the Middle East and North Africa, China, India, and Southeast Asia. Jada FoF was established by Saudi Arabia's sovereign wealth fund four years ago and continues to actively invest in the tech SME sector in various regions.
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NewSpace Nets $52 Mn Funding For Defence Innovation
Inc42
·
1y ago
Medial
Indian drone manufacturer, NewSpace Research & Technologies (NRT), has raised $52 million in a bridge round, with over 40% of the investment coming from existing investors. The round consists of $33 million in equity from marquee investors and $19 million in debt from SBI's startup hub and SIDBI. NRT aims to become a unicorn within five years, and has delivered a swarming system to the Indian defence ministry and set a global record for highest altitude flight in a multirotor system. The company plans to expand its portfolio globally, with a focus on Japan, the Middle East, and the US.
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