David Gowdey

Thanks to DealStreetAsia for letting us contribute to this interesting topical piece... #DPI is indeed an issue that needs to be addressed but it is also important to find solutions and tools which can provide positive outcomes for all stakeholders, something that is central to Collyer Capital's strategy! #CCPL #CollyerCapital #DPI #Secondaries #Liquidity

26

【Temasek’s Bold $10 Billion Investment in India 🇮🇳】 -- A Strategic Move Amid China Slowdown In a move that underscores India’s growing significance on the global investment landscape, Singapore’s sovereign wealth fund, Temasek Holdings, has announced plans to invest $10 billion in India over the next three years. 🇨🇳 This ambitious investment comes at a time when the performance of #Chinese markets has been lackluster, underscoring #India’s importance as one of Temasek’s top two preferred markets globally, alongside the #US. 🇸🇬 Looking at Temasek's #trackrecord, it's impressive to note that they have already deployed around $37 billion in India over the past two decades.. 💡As of 2023, India now makes up 7% of Temasek’s global portfolio by underlying assets, up from 4% in 2020. In 2023 alone, they invested a record $3 billion in the country. What stands out to me is their perspective on India's market dynamics: "India has always commanded a premium due to its growth potential. By identifying and investing in the right businesses, consistently achieved returns that justify the higher valuations" "The capital markets and deal sizes in India have been steadily increasing, thanks to the expanding and maturing financial markets. The current high valuations are justified by the potential for above-average returns," Temasek’s #InvestmentStrategy in India will focus on several key areas, including technology, financial services, healthcare, and consumer goods. 🌡️ For instance, Temasek’s portfolio, Sheares Healthcare Group, healthcare investor, recently invested almost $2 billion in Manipal Health Enterprises Pvt. Ltd, Indian leading muli speciality hospital operator, with total stake of 59% (new 41%) at $4.9 billion valuation. This valuation is justified by Manipal’s strong financial performance, including 1) a revenue of around $488 million, 2) an EBITDA margin of 24% for FY 2023, 3) several millions patient as sticky customers and 4) potential for free cash flow generation. Later, they sold 8% stake to Abu Dhabi sovereign wealth fund, Mubadala while holding majority shares. Very successful story and foreseen investment. I reckon their increasing investment in India reaffirms the country's status as a pivotal destination for global investors. As someone keenly observing these developments, it's clear that India's market offers tremendous opportunities, and Temasek’s commitment only strengthens this outlook. Ravi Lambah Alex Lin #startup #Singapore #Investment

22

1 Comment

EXCERPTS: Closures of food and beverage (F&B) businesses in Singapore picked up this year as an influx of Chinese brands ratcheted up the pressure on locals to hold on to customers and keep costs under control. An average of 274 F&B businesses shut down each month in the first nine months of 2024, reaching a total of 2,465, according to a new report by consultancy Knight Frank LLP. Competition was the culprit, according to the report, particularly Chinese brands trying to capitalize on Singapore’s travel boom. “In tandem with the rising number of Chinese visitors, more Chinese brands made Singapore the first stop". Many Chinese F&B chains, including tea and coffee brands Hey Tea, Chagee and Luckin Coffee, as well as spicy fish specialist Tai Er, have accelerated their overseas expansions since last year to escape a slump at home. Southeast Asia in particular has emerged as a popular destination thanks to more apparent cost advantages and consumer dividends in the region.

13

1 Comment

Setting up right and strong foundations when creating a company, is a must; more important than ever before. A company needs to have a PURPOSE and VISION. These have to be set as clear as possible by the founder(s) since its inception. Then VALUES. These will trickle down and used as the guidelines for everyone in the company to think and act. These are the backbones that will set the culture of the company. Founder/CEO cant just rely on those written and framed on the office wall. Purpose, Vision, and Values should not be something the team have to memorize. Rather, something they need to do. So, as the Founder/CEO, what you need to do is to LEAD BY EXAMPLE by always WALK THE TALK. As a VC, i would love to back this kind of company and founder. Maven Asia Capital (www.maven.asia) #mavenasiacapital

28

1 Comment

Stop optimizing the wrong goals. On the latest episode of the Unlearn Podcast, Barry O'Reilly sits down with David Gledhill, Non-Executive Director of Singapore Airlines, Board Member of National University of Singapore (NUS), Senior Advisor to McKinsey & Company, CIO and Head of Operations at DBS Bank, Group COO at Lloyds Banking Group, about driving innovation and aligning teams. 📑Here are 10 lessons we learned from this conversation: 1.Ensure everyone in the organization is working towards the same objectives to foster collaboration. 2. Create a balance between customer satisfaction and tech optimization. Don’t just focus on one area; find a harmony that drives overall success. 3. Give people the autonomy to make decisions and innovate, leading to better outcomes. 4. Tools like "buy, sell, hold" make complex decisions easy to understand and align on. 5. When teams work together towards a common goal, they’re more likely to innovate and make better decisions. 6. Pivoting to prioritize technology can unlock new avenues for business growth. 7. Studying companies like Google, Netflix, and Amazon can provide insights into agility and innovation. 8.Be willing to let go of traditional methods and adopt new, more effective strategies. 9. Develop a compelling story that aligns with business goals to gain buy-in from all stakeholders. 10.Continuous improvement and iteration are key to staying ahead in a rapidly evolving market. Want to drive real change and foster a culture of innovation in your organization? Listen to David’s insights on how to transform your business with strategic alignment and bold thinking. 🎧 Tune in to the full episode for more on leading with agility and innovation: https://lnkd.in/gsZZCPhY _________________________________ Download my free innovation map I use to help companies like Google and Nike figure out the gap between their current state and desired state. Download Now: https://bit.ly/3YvXBlK #UnlearnPodcast #BusinessTransformation #Leadership #Innovation #DigitalStrategy #GrowthMindset #AgileLeadership

7

💡 SGX Needs to Rethink Its Investor Base A year ago, I returned to investing in SGX-listed stocks as part of my personal asset allocation strategy. After 25 years away, I was curious to see how things had changed. One thing that stood out was the persistence of outdated practices. For example, physical B4 white envelopes are still being sent for AGM and EGM notices, along with physical proxy forms delivered by post. While there is an online option, it’s cumbersome: you have to first know where to find the website link, download a PDF, print it, fill it in, rescan it, and then email it. Ironically, the recipient likely prints it out again. When I spoke to a fund manager specializing in SGX stocks, he pointed out that the retail investor base is primarily made up of retirees who prefer physical documents. There has also been consolidation among institutional fund managers in recent years, resulting in less active trading and lower liquidity on SGX. The focus remains on blue-chip and dividend stocks, which are popular with retirees, but the momentum and capital gains trading that defined the 1990s and early 2000s has diminished. It may be time for SGX to broaden its appeal and attract younger investors. Modernizing the documentation process would be a good start—proxy forms today look the same as they did two decades ago. Why not integrate Singpass to streamline online submissions? Looking ahead, I expect SGX will list several high-quality IPOs that could bring exciting opportunities. However, without increased liquidity from both retail and institutional investors engaging in momentum-driven trading, these IPOs could be undervalued. Image: A screenshot of a proxy form I had to fill out by hand and mail. #sgx #equitiestrading

39

6 Comments

[Part 2] Five Simple Strategies to Ace the Partner Meeting ⬇️ We stay perpetually in the fundraising market. Every day, a GWC portfolio company is going through a fundraise, we are helping a friend of the firm secure funds through our VC network or we're being pitched by a founder. With the acute slow-down in venture funding, it's vital to seize every opportunity to secure capital. The gap between interest and securing capital is a term sheet, and the critical lever between those two is a successful partner meeting presentation. Weekly VC partner meetings are where partners discuss the business, their pipeline of deals, portfolio company efforts and sometimes their own fundraising process. These meetings are also where prospective portfolio companies are invited to pitch their startup to the investment team. It's typically one of the final steps in the diligence process. If you're preparing to pitch to a VC partnership, remember these tips: 1. Know where quicksand is. By the time you've reached this stage, several questions have likely emerged related to you or your team. Ask your sponsoring partner for specific focus areas, remaining objectives, which partners may need the most convincing and prepare accordingly. Make a tight set of responses for any lingering questions/concerns, discuss with your team and your partner, and ensure that those points are addressed. 2. Talk less, team more! Prepare your key players to showcase their assets. While they're taking the lead, observe the energy in the room. Most firms see thousands of investment opportunities each year, so their partners develop a strong point of view from their years of successful partnerships and disappointing setbacks. With that in mind, look out for unanswered questions, offering elaboration when necessary.  3. Demonstrate high “say/do.” Don't hesitate to update the team as to where you stand with metrics or milestones you're projected to meet. If you received actionable feedback in early meetings with your sponsoring partner, share the steps you've taken to address their concerns. 4. Research, Practice & Probe. Know the partners and their portfolio. Are any investments like your company? Are any so successful that they will make them WANT or NOT WANT to invest in your company? Where are they in the fund’s lifecycle? You can look on PitchBook, CBInsights, etc. to find the closing size of their current fund and ask your sponsoring partner where they are in the deployment process. 5) This is not a sales pitch. Securing funding is as much about building relationships as it is about showcasing your business. A successful partner meeting isn't just nailing your pitch: it's demonstrating that you're a founder your audience can envision partnering with. By following these steps and maintaining a clear, confident and collaborative approach, you'll maximize your chances of turning that partner meeting into a term sheet. Good luck! Follow along for Part 3, coming soon.

4

As a venture capitalist, TRIVE's focus is on exits for my SouthEast Asian based portfolios, and IPOs are one of the main avenues to achieve an exit and a return on my investments. 5 of our startups are considering their IPO plans in the coming 3 years. After advisory from the M&A advisors and internal consideration, the NASDAQ is the choice for 4 of 5 of them. Only one decided on the local SGX as it is on a more traditional path. Nevermind if these startups are primarily operating in SEA and naturally should find familiarity with SGX to list. Unfortunately, they see better valuations, liquidity and brand recognition by listing on the NASDAQ. It has been a long-time complex issue to energize the SGX and to ask our SEA startups to call it home. It is a pity because Singapore is the prime location for private equity and venture capital fundraise for startups in the region. But SGX barely sees any of our SEA unicorns listed on it. I for one, am a believer of a regional bourse to support the aspirations of the startups. And I hope more deeper conversations with the Singapore government and our relevant associations will one day see the SGX building that vision. Thanks to See Kit Tang for a very insightful long-form article and allowing me to be a part of it to bring my thoughts to it. #venturecapital #sgx #ipo https://lnkd.in/g_kzvyGa

27

It's been quiet for a while and now back to the field again. After 6 months of strategy brainstorming, we collaborated with several regional Private Equity and Venture Capitals. We are mandated to identify 100 potential regional MSMEs and MSMIs to participate in the new launch pool of the Incubation Fund, the first batch of which has been kicked off at USD500 million. If you are currently in the fundraising mode to drive the business and have the intention to route an IPO in any listing destination, we have an alternative fundraising mode to connect you to the relevant platform. It shortens your fundraising tenure with effective and efficient time resources. Welcome to drop the Business Proposal privately and we shall deal with you within the next 24 hours. The preliminary terms and conditions will be as follows; 1) Latest audited annual revenue > USD5 million; 2) Latest audited profit before taxation > USD1 million; 3) Agree to position the IPO as an exit strategy; 4) Preferably with technology-backed organization; Looking forward to your participation. Cheer.

4

What the numbers say: The number of IPOs decreased by 21.2% to 67, while the amount raised from public listings fell 53.3% to $1.4B. The IPO market for Southeast Asia has continued to spiral since the second half of 2022. What happened: Macroeconomic factors, including geopolitical instability and high interest rates, have dampened investor sentiment. Investors are now prioritizing proven profitability and sustainable cash flows over growth-at-all-cost models. Despite the current downturn, Deloitte anticipates potential improvement beyond 2024 due to the anticipated drop in interest rates and a projected wave of AI-related IPOs in the coming years. Relevance: Indonesia, previously the region's top IPO market, saw the most dramatic decline. Its market capitalization for new listings fell 92.2% to $1.22B, with IPO proceeds dropping 89.1% to just $248B. The number of listings decreased by 43.2% to 25.

4

It’s always inspiring to be talking to people who share your vision and understanding of our world’s most complex challenges. Zal Dastur is definitely one of those people! Thank you for having me on The Impact At Scale Podcast With Zal Dastur 🙏 Telling authentic stories about climate is a must for us to catalyse a change in narrative of how we can all do better - and how we can continue preventing and adapting to climate change across all levels of our society. #climateTech #southeastAsia #storytelling

22

3 Comments

What does a surfer and entrepreneur have in common? Questions were fired and answers were candid during the a private discussion + a fireside chat at the The American Chamber of Commerce in Singapore (AmCham Singapore) with Mr Ho Kwon ping from banyan group a few weeks back. From why a multi millionaire decides to shop at Uniqlo and Muji to picking himself up after business failures. I went from nervously shaking his hand (I blame the aircon 😂) to an engaging and lively conversation with him in the room (and even letting him taste our brownie brittles!) I loved his raw honest personality. Here’s what I learnt: Surfing 🏄 and entrepreneurship have a lot in common- need skill, timing, luck(to catch the right wave) to bring you back to shore (or closing that deal)💰 🔍Find your why – what drives you to wake up each morning, fueled and focused. Don't sleepwalk through life. Live with intention. 🤔When faced with a tough business decision, I always ask myself: What are the pros and cons? And, honestly, is my ego getting in the way? ⚖️Take calculated risks: He Invest up to 25% in new ideas, never 100%. Only bet what you can afford to lose. I highly recommend his book that I’m currently devouring - Behind the Banyan So any surfers (or entrepreneurs) here identify with what he said? P.s. He nodded in approval after tasting and later mentioned (to the entire crowd) how he actually enjoyed them and said ‘her cookies are nice!’ - I was over the moon!

53

24 Comments

This is one of the more significant recent growth equity investments in Japan as mega global private markets asset manager KKR and leading Canadian pension fund manager Ontario Teachers'​ Pension Plan's Teachers Ventures Growth entity lead the $140 million Series E funding for SmartHR, Inc., a Japanese cloud-based human resources and labor management software startup. This round comes three years after the company raised a $142.5 million (15.6 billion JPY) Series D at a valuation of $1.6 billion. SmartHR, Inc.'s earlier investors include Light Street Capital,Sequoia Capital Global Equities, and Whale Rock Capital Management LLC. What is particularly significant and interesting is the activity and role of fund managers traditionally focused on leveraged buyouts in Japan now playing into the growth equity market segment which has generally faced a dearth of capital in the Japanese market. One of the key challenges for start-ups in Japan is that while there is significant early stage capital as well as an overabundance of corporate venture capital, the growth equity segment is limited and therefore companies often go public too early with limited revenue traction, the need to slow growth to demonstrate profitability on public markets, and the lack of institutional public growth capital to support the companies post-IPO as they are often driven by retail investors - the growth segment of the Tokyo Stock Exchange is over 60% retail investor-driven. Many start-ups prematurely list the companies at median ~$100 million valuations that often trade down with limited volume and the ability for investors to meaningfully exit. There is no doubt an opportunity for fund managers, both locally and globally, to invest in the growth private markets segment in Japan and prepare companies more suitably for institutional public market investors. Besides KKR in the SmartHR, Inc. case, other traditional international buyouts firms are now seriously evaluating the minority private markets growth equity segment in Japan, based on my conversations with various private equity firms. Further, the traditional "crossover" public-private market investors are starting to assess the Japanese market opportunity and I can see them entering over the course of the next 18 months. That being said, many of those "crossover" investors have been hammered by euphoric investments during the great bull-market of the past 5 years. Either way, the private markets growth equity opportunity in Japan is necessary and attractive, and I see established and new fund managers investing and raising capital for this part of the market. #japanesemarket #alternativeassets #privatemarkets #growthequity #privateequity #venturecapital #series3 #japan #pensionfunds #fundmanagers #kkr #asiapacific #capitalmarkets #institutionalinvestors https://lnkd.in/drFrBPAr

14

1 Comment

Singapore is a unique market—small but highly developed, and a true melting pot of cultures. With an efficient government and extensive support for startups, the Lion City is a fantastic launchpad for brands. But let's face it, moving beyond Singapore’s borders requires a whole new set of strategies and a lot of adaptability. At DSG Consumer Partners, our SEA team frequently hear from founders and fellow investors: "How can I build a consumer brand from Singapore that makes a meaningful outcome?" or "What do I need to do to ensure my consumer portfolio succeeds overseas?" These are crucial questions. Recognizing the needs, we've created a platform to dive deep into the strategies and challenges of expanding consumer brands internationally, starting right here in Singapore. Excited to invite you to our quarterly Investors x Founders meetup with the theme "Building Successful Consumer Businesses from Singapore and Beyond," in partnership with Heroes of DTC and The Mandala Group, taking place at Mandala Club on August 2nd from 4-7 pm! Join us for an evening of insightful discussions and networking with an incredible lineup of panelists: Adrien Desbaillets (CEO of SaladStop Group!), Dione Song (CEO of Love, Bonito), Peck Ying Tan (Co-Founder of Blood), Grace Chua (CEO of NTUC FairPrice - Own Brands and Food Solutions Business), Sarvesh Nevatia (Executive Director at Venturi Partners), and Roshini Bakshi (Managing Director at Everstone Group). Our esteemed panelists will share their real-world experiences and strategies that have propelled their brands to success beyond Singapore’s borders. This is your chance to gain invaluable insights from industry leaders, connect with fellow founders, and engage in thought-provoking discussions about building and scaling consumer businesses. 🔗 Please RSVP here: https://lnkd.in/gjhFHHxe by July 31. Confirmation emails will be sent 48 hours prior to the event. Note: Our event is nearly oversubscribed, so registering may not guarantee an entrance ticket. Act fast to secure your spot! Don't miss out on this fantastic opportunity to learn, network, and grow. We can’t wait to see you there! Deepak Shahdadpuri Sameer Mehta Leong Hein Hun Anushka Bharvani Anthony Adiputra #DSGConsumerPartners #ConsumerBrands #buildinginsurgentbrands #SEA #consumer #Singapore #GlobalExpansion #Entrepreneurship #Investment #Networking

55

1 Comment

After a 2 day whirlwind trip to Jakarta, Indonesia, my first in over a decade and after meeting with our portfolio co Brick and Gavin🏗️ Tan and speaking with multiple ecosystem participants East Ventures Trihill Capital Arya Setiadharma Valerianus Ian Sulaiman (thank you for sparing the time), I feel positive on Indonesia over the medium to long term horizon - Indonesia over the last decade or so has significantly increased its GDP/Capita from ~$3,000 to the current ~$4,700, an amazing achievement! - Continues to promise to grow at ~5-6% over the next few years, which will not be easy but looks realistic, making it one of the fastest growing major economies -OJK is a strong and stable regulator and what we hear is they are also fair and fairly transparent - Despite the higher GDP/Capital, the contradiction is that the financial penetration continues to be low, for instance Mortgage Loans/GDP% is low at ~4% while India is at 11% and USA closer to 50% - Indicates substation potential for digitization and financial services penetration and truly pushing the envelope on #fintech - Fintech funding winter is real and we could feel the pain of the founders. Kudos to Flourish Ventures portfolio company Qoala and Harshet Lunani on the latest funding round, it clearly is seen as a major signal in the region on Indonesia's long term potential and why investors should continue to invest - Multiple folks asked us "when will investors come back to invest in Indonesia", while I do not know the answer to that question, what I do know is that we at Flourish Ventures are very positive on the long term prospects and with our permanent capital base, we are keen to continue to invest! If you are a fintech founder, do reach out ravi at flourishventures dot com with Tilman Ehrbeck Harsh Gupta

41

Wow, what an incredible coincidence! I have been following the growth of Azuki Brand since its launch around 3 years back and recently had the opportunity to meet Alex Xu (Zagabond), the founder of Azuki, in person at Token 2049 in Singapore. For those unfamiliar, Azuki is one of the leading Web3 anime brands, with Chiru Labs (the company behind Azuki) expected to be valued over $1 billion.. It turns out Zagabond and I actually worked at the General Mills years ago but in different regions- talk about a small world! Being an Anime fan, what fascinates me most is Zagabond's vision to revolutionize the anime industry through Web3 technologies while bridging the gap between web2 and web3. The global anime market is massive, expected to be over $50 billion, growing at a CAGR of 10.1% and Azuki is all set to make its mark over this industry in a big way with its aquisition of anime.com and activations planned ahead. With his background in tech and passion for anime, Zagabond is uniquely positioned to bridge these worlds.Some key innovations Azuki has introduced include: 1 - Physical Backed Tokens (PBT): Connecting physical items to digital tokens 2 - Open-source technology to benefit the entire Web3 ecosystem 3 - Blending digital and physical experiences in novel ways It's both exciting and inspiring to see a former colleague making waves in such an innovative space. Zagabond's journey from corporate tech to Web3 pioneer is truly inspiring. Experiences like this remind me it's still a small world after all! Happy to be small part of Zagabond's inspirational journey. IKZ !

168

12 Comments

Malaysia is emerging as a top mergers and acquisitions (M&A) destination in Southeast Asia. With an 87% surge in deal volume this year, the country has captured significant attention, particularly from global PE firms seeking new opportunities. As an alternative to China, Malaysia is increasingly becoming a focal point for bankers, with digital infrastructure a key sector driving investor interest. Want to learn more about this exciting trend? Check out the full article: https://lnkd.in/eqgHWecW   Follow Kepler Search for #jobs and insights on #investments #business #economy, #executivesearch, and more. #mergersandacquisitions #Malaysia

39

The Singapore retail industry feeling a pinch is an understatement. This article mentions the attractivity of traveling across the border to do one’s shopping, however this has been a local hobby for many for decades. Increases in price is mentioned as the main reason for Singaporeans to rely further on travel retail for their purchases, as well as caution in a difficult economic context. What it fails to mention are the details of the main causes retailers struggle to perform currently in Singapore: - Dramatic increases in retail space rent costs since the pandemic. This applies whether you run an HDB corner shop or a large store on Orchard/CBD area. - Logistics and manufacturing costs sky-rocketing and side-effects of inflation -  Drop of interest for Singapore as a tourist destination. -  Difficulties in attracting staff to perform retail-related jobs since Covid. -  eCommerce is the final nail in the coffin for those who still aspire to be retail pure players. You’ll note all the above are – in part if not fully – side-effects of something that happened in 2020-2021, and yet the issues remain. Margins lie significantly affected by the economic situation. Naysayers will invoke Taylor Swift’s journey to Singapore helping the retail sector, I will not disagree. Brillant move from STB. But as mentioned by Straits times, we are far from a landslide in March 2024 and 2019 numbers are yet to be reached. This, in a world where everything else for a retailer is significantly more complicated to manage. This isn’t a Singapore only problem, from my network in this industry and from capturing heartbeats at regional conferences and summits in the past months, many are concerned and worried. How to address the point for a retailer? Well, I hope your strategy plan does not focus solely on brick and mortar. The economic context will leave you on the curb otherwise. What do you think?

12