Research

Overall private capital invested across GPCA’s markets – including Asia, Latin America, Africa, CEE and the Middle East – fell to USD17.3b in Q2, despite deal count increasing slightly to 921 disclosed transactions. The pickup in deal count, driven by VC, follows initial signs of a PE and VC investment rebound in the United States.

 

 

In the wake of the pandemic, infrastructure has grown as a share of overall investment activity, attracting over USD30b since 2023 and mirroring trends globally. Investors are drawn to infrastructure’s potential for inflation hedging, diversification and long-term growth.

• Digital infrastructure and telecommunications have accounted for more than USD9.6b in investment since 2023. Notable deals in 1H 2024 include Singapore-based GDS International’s USD587m financing for data center development and an Actis-led consortium’s acquisition of 1,800 macro towers across Serbia, Bosnia & Herzegovina and Montenegro in a portfolio carve-out from Telekom Srbija.
• Investors deployed more than USD2b in renewable energy during 1H 2024, led by Actis’ USD1.4b acquisition of Peru-based Niagara Energy. Despite the increasing capacity for renewables, traditional energy sources continue to play a critical role in energy security, driving some of the industry’s largest deals. Notable examples include FONADIN and Mexico Infrastructure Partners’ USD6.2b buyout of Iberdrola’s Mexico gas power plants, as well as BlackRock and KKR’s USD4b sale of ADNOC Oil Pipelines to Lunate.

 

 

Despite the recent pullback from the boom of 2021-2022, venture capital (VC) remains a key driver of investment in GPCA’s markets, reflecting the growing depth and maturity of local tech ecosystems over the last decade.

• In India, VC investment reached USD3.1b in Q2 2024, its highest quarterly level since Q2 2022. This resurgence was primarily led by significant late-stage investments in startups such as Zepto (USD665m) and Meesho (USD275m).
• In CEE, fund managers deployed USD721m via VC deals in 1H 2024, more than doubling the amount invested over the same period in 2023. In June, Czech Republic-based grocery delivery company Rohlik raised a USD170m late-stage funding round, marking the largest VC investment outside of Asia so far this year.

 

Additional data highlights:

• Private capital investment in CEE reached USD2.8b in 1H 2024, surpassing the total amount invested in all of 2023. Notably, Ukraine-founded no-code CRM and workflow automation platform Creatio raised USD200m from Sapphire Ventures, StepStone Group, Horizon Capital and Volition Capital.
• ChrysCapital raised USD700m for India’s largest single-asset continuation fund to continue holding its stake in the National Stock Exchange of India. Read more on private capital exits in India in GPCA’s recent release India’s New Chapter: What Is Driving the Boom in Private Capital Exits?
• Despite challenging conditions, fund managers raised USD913m for Africa-focused strategies in 1H 2024. Adenia reached a USD470m final close for its fifth buyout fund, while SPE Capital secured USD140m towards its third growth fund. TLcom Capital and Verod-Kepple Africa Ventures closed early-stage VC funds at USD154m and USD60m, respectively.

GPCA Members can log in to download the Mid-Year 2024 Industry Data & Analysis Excel file, which contains expanded analysis and commentary; fund and transaction listings; and breakdowns of investment activity by asset class, sector and geography.

GPCA’s Member Portal includes the newly launched Data Room feature (formerly GPC Analytics). This interactive data platform covers fundraising, investment and exit activity by fund managers and corporate and institutional co-investors across all asset classes and geographies tracked by the team. The data has now been updated through Q2 2024 and can be filtered and sorted by region, country, asset class and sector – and downloaded for further analysis. Our fundraising data archive stretches back to 2006; investments and exits data to 2008.

For questions and feedback or to request custom data cuts from the research team – including GPCA’s complete fund- and deal-level dataset – please reply to this email or contact research@gpcapital.org.