Temasek

Nov 12, 2025

Our exclusive on shareholders of Indonesia's top public-listed dairy firm Ultrajaya Milk Industry & Trading initiating stake sale talks with Dutch dairy cooperative FrieslandCampina for a potential minority transaction and broader strategic collaboration was the most-read story of the month. In other top stories, we featured the sale processes at Indonesian homegrown ice-cream brand Campina and the country's top traditional oil balm brand that is seeking a valuation of up to $3 billion in its upcoming funding round. We also had exclusive updates from Kopi Kenangan and Thai unicorn LINE MAN in the list of top stories from the month. From the fundraising side, we carried exclusives on Indonesia's new private equity firm Sriwijaya Capital and Singapore-headquartered KV Asia Capital The LP View column, featuring an interview with a top executive at The Dietrich Foundation , highlighted that China's VC market is among the least crowded globally, presenting a rare opportunity for institutional investors. From India, healthcare investments continued to make headline news. Our exclusive on Temasek 's possible investment in an Indian healthcare-focused fund manager was the most-read story. The talks come at a time when the sector has become increasingly competitive and sophisticated, prompting the need for consolidation moves. The private equity sector is undergoing a period of significant change as smaller funds exit the market and larger firms scale up to capture more capital. Campina's shareholders have since re-engaged with prospective buyers, including Indonesia-focused private equity funds, to explore a full exit. The group's signature Eagle Brand Medicated Oil has retained its status as one of Southeast Asia's most enduring consumer health products. Barito Pacific, Indika Energy, and Sinarmas Group are among the anchor limited partners (LPs) backing the inaugural fund. The process is being driven largely by investor liquidity needs rather than the company's own capital requirements. The fundraising momentum was partly driven by distributions from its first fund, which has fully exited its portfolio companies. Despite initial momentum and interest from multiple parties in the first half of this year, discussions have gone dormant since late July. Indonesia's consumer retail sector is proving to be a rare bright spot amid venture capital tightening across Southeast Asia. GIC has sold 94% of its shares in LINE MAN held through Gamnat Pte Ltd and Apfarm Investment Pte Ltd, filings show. “China and India VC are positioned at an interesting juxtaposition of tailwinds and headwinds at the moment,” said Edward J. Grefenstette, CEO/CIO, The Dietrich Foundation. Touted as the biggest investment in a Chinese AI application startup this year, the round was backed by Shunwei Capital, Source Code Capital, Future Capital, and INCE Capital. For Temasek, the potential partnership reinforces its long-standing conviction that India's healthcare industry remains one of its most resilient growth stories. Talks between Asia Healthcare, which is backed by TPG Growth and GIC, and Dr. Dangs Lab have fallen through due to a mismatch in expectations on valuation.