Research

Overall private capital investment across GPCA markets – including Asia, Latin America, Africa, CEE and the Middle East – fell slightly to USD23.9b in Q3, and deal count dropped to 734 disclosed transactions, with fewer VC deals executed.

• Geopolitical and macroeconomic uncertainty are still weighing on private capital deal activity, with the data on individual geographies and asset classes providing mixed signals. Capital invested has increased year to date in Latin America, Southeast Asia, China, CEE and the Middle East, driven by scattered big-ticket deals, while it has continued to decline in India and Africa.

• With easing monetary conditions and the end of the global “elections super-cycle,” investors may gain more clarity as the year draws to a close. Data from the US indicates that PE dealmaking is gaining momentum.
  

 

 

Private credit has grown as an alternative source of capital for companies and infrastructure platforms in the context of elevated global interest rates. In GPCA markets, over USD7.2b has been deployed in private credit through the first three quarters of 2024. The biggest tickets have gone to distressed companies, including non-bank lenders, property developers, construction companies and aviation businesses. Additionally, private credit funds are increasingly investing in renewable energy projects, recognizing their long-term growth potential in the global energy transition.

• RRJ, Dignari and Davidson Kempner participated in a USD1.05b refinancing for distressed Chinese property developers Logan and KWG, with RRJ also leading a USD1b private loan for China’s Bohai Leasing.

• In Latin America, ArtCap provided senior secured financing for the USD665m take-private of Mexico-based ceramic manufacturer Interceramic, Allianz Capital Partners supported the USD525m refinancing of CountourGlobal’s cogeneration portfolio in Mexico and Coatue and IMCO provided USD500m in structured financing for Brazil-based Scala Data Centers.

• Copenhagen Infrastructure Partners and Rivage provided USD335m in debt financing to support Estonia-based solar developer Sunly.

• Senegal’s Aéroport International Blaise Diagne raised USD109m from Standard Chartered and Ninety One’s Alternative Credit Opportunities fund.

 

 

GPCA’s data reveals some bright sports across the broader exit landscape, with overall exit value reaching USD58.1b in Q1-Q3 2024. 

• Exit activity remained strong in CEE in Q3, led by Macquarie Asset Management’s USD2.4b sale of a majority stake in Gasnet to ČEZ Group.

• India’s robust public markets have accounted for nearly 75% of India’s USD18.5b in total exit value year to date. Notable Q3 private capital-backed listings included Ola Electric (USD732m), FirstCry (USD500m) and Premier Energies (USD337m).

• In Latin America, The Rohatyn Group’s sale of forest plantations in northern Uruguay for USD288m and BTG Pactual’s sale of 70k hectares of timberland assets in Mato Grosso do Sul for USD375m were among the most notable exits.

• Healthcare has been the second most active industry for exits across GPCA markets, accounting for nearly 20% of exit value through Q3.
  • Affinity’s strategic sale of Malaysia-based Island Hospital to IHH Healthcare for MYR4.2b (~USD965m) provided a major boost to SE Asia exit value.
  • Morocco’s Akdital raised an additional MAD1b (USD101m) on the CSE, providing liquidity for Mediterrania Capital Partners.

 

 

GPCA Members can log in to download the Q3 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 Q3 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 contact research@gpcapital.org.