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Capital Square Partners and Basil Technology Partners establish one of the largest technology services dedicated funds in Asia
SINGAPORE, January 19, 2023-- Capital Square Partners (“CSP”) and Basil Technology Partners (“BTP”) (collectively the “GP” or the “Team”), two Singapore-based private equity firms, announced today a new partnership and the successful close of a c.US$700 million fund (“CSP Fund II” or the “Fund”). In likely a first-of-its-kind transaction in Asia, CSP Fund II raised capital from funds managed by HarbourVest Partners (“HarbourVest”), TPG NewQuest and Committed Advisors, as well as other institutional investors (collectively, the “Investors”), to acquire a portfolio of companies from the GP’s existing funds under management as well as provide the enlarged platform with capital for follow-ons and new investments (the “Transaction”). The Team will operate under the existing CSP platform as it looks to build on a successful track-record of investing in global technology services companies. HarbourVest and TPG NewQuest co-led the deal. HarbourVest led the structuring of the transaction.
The Transaction is believed to have established one of the largest technology services dedicated funds in Asia and the combination of the teams at CSP and BTP will significantly augment the platform’s execution capabilities. The Team consists of Sanjay Chakrabarty, Rajeev Srivastava, Mukesh Sharda, Bharat Rao (non-executive director), and Sameer Kanwar. Over the past decade, the Team has managed in excess of US$1.3 billion in AUM and has operated and exited multiple companies in the technology services space, including Minacs, Indecomm and GAVS Technologies.
Sanjay Chakrabarty, Partner, said, “We are excited to be joined by the BTP team in building a leading regional technology investment platform, focused on leveraging our expertise in technology services and the emerging SaaS, AI, data analytics and digital sub-sectors. We believe these sectors will continue to show strength and resilience through economic cycles, and yield compelling investment opportunities for CSP Fund II. We look forward to our continued partnerships with best-in-class founders and companies.”
Rajeev Srivastava, Partner added, “We are thrilled to be growing our capabilities under the Capital Square Partners platform and appreciate the guidance from UBS in structuring this highly complex transaction. We are grateful for having HarbourVest as a capital partner as we embark on a new phase of growth for our portfolio companies and appreciate the strong endorsement from TPG NewQuest and Committed Advisors. We look forward to executing on an exciting pipeline of opportunities with CSP Fund II.”
UBS Private Funds Group advised on the transaction.
Dechert was legal advisor to Capital Square Partners and the Fund while Debevoise & Plimpton advised the Investors.
About Capital Square Partners
Founded in 2014 and based in Singapore, Capital Square Partners is a private equity firm investing across technology and business services across Southeast Asia and India. Since its inception, Capital Square Partners has completed over US$500 million of investments in cross-border businesses with multinational operations, adopting a value-oriented investing style focused on complex situations that require operational intervention. Capital Square Partners holds a Capital Markets License from the Monetary Authority of Singapore, as per the Securities & Futures Act of the Government of Singapore. For more information, please visit www.capitalsquarepartners.com.
About Basil Technology Partners
Founded in 2008 and based in Singapore, Basil Technology Partners is a private equity firm investing in niche technologies that are disrupting the IT services space. With a core operating team representing an aggregate of over 70 years of experience in running IT service businesses, Basil Technology Partners has completed investments of over US$200 million with a focus on growth stage technology companies, mostly working with founder-led management teams on a proprietary basis to create off-market transactions at attractive entry multiples.
HarbourVest is an independent, global private markets firm with 40 years of experience and more than US$103 billion of assets under management as of September 30, 2022. Our interwoven platform provides clients access to global primary funds, secondary transactions, direct co-investments, real assets and infrastructure, and private credit. Our strengths extend across strategies, enabled by our team of more than 1,000 employees, including more than 200 investment professionals across Asia, Europe, and the Americas. Across our private markets platform, our team has committed more than US$53 billion to newly-formed funds, completed over US$44 billion in secondary purchases, and invested over US$32 billion in directly operating companies. We partner strategically and plan our offerings innovatively to provide our clients with access, insight, and global opportunities.
About TPG NewQuest
TPG NewQuest is the leading dedicated secondary private equity platform focused on the Asia-Pacific region with offices in Singapore, Hong Kong, Beijing, Mumbai and Shenzhen. TPG NewQuest specializes in providing strategic liquidity solutions to private equity asset owners, including private equity funds, financial institutions, corporations, hedge funds and family offices. TPG NewQuest was established in 2011 and currently manages five funds and associated co-investment vehicles with capital commitments of over US$2.8 billion. TPG NewQuest is wholly owned by TPG, Inc. a leading global alternative asset management firm with over US$135 billion in assets under management as of 30 September 2022. For more information, please visit www.nqcap.com.
About Committed Advisors
Committed Advisors is a global independent private equity firm, with more than US$5 billion of assets under management. The firm has deep experience in the private equity secondary market, having completed more than 150 transactions since its inception in 2010. With offices in Paris, New York and Singapore, Committed Advisors provides a broad range of solutions to investors and general partners seeking liquidity or new options for their private equity assets. For more information, please visit www.committedadvisors.com.