A Singapore-based private equity firm started by two former investors from sovereign wealth fund GIC Pte has raised $567 million to spend on deals across Southeast Asia and India.
The amount generated by Growtheum Capital Partners is one of the largest in the region this year, according to data from Preqin. The firm was founded by managing partner Amit Kunal and partner Choo Koon Po in late 2021.
Growtheum’s close comes at a challenging time for the private equity industry globally, representing a bet by backers that the region can offer lucrative returns despite slowing growth and shrinking valuations. Fund launches are on course for a steep decline in 2023 compared with last year, according to S&P Global data.
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