Ares Leads a $31 Billion Week of Asian Capital Flows

By Amara Osei

Ares secured $31 billion in third-quarter fundraising, putting the alternative asset manager on track for its best fundraising year, DealStreetAsia reported in its Oct. 26-31 roundup.

DealStreetAsia linked the result to investors piling into private credit, real estate and infrastructure strategies. Ares executives said on the earnings call that the firm is eyeing physical data centres and associated power generation and transmission infrastructure. They said Ares is targeting data-centre investments in Japan’s top cities of Tokyo and Osaka, plus other global hubs, through pre-leased, long-term projects with major hyperscalers.

DealStreetAsia also reported that TPG raised $1.3 billion for TPG Emerging Companies Asia, its debut Asia growth equity fund. The fund will invest in mid-cap companies across Asia’s developed markets, DealStreetAsia said.

What did Asian earnings show?

• GoTo Group reported about $24.3 million in net profit for 3Q2026, its third consecutive profitable quarter, reversing losses from a year earlier. The result came nearly five years after its public listing, amid competition and a fast-changing operating environment, DealStreetAsia said.
• Bukalapak reported a net loss of about $48.7 million for the nine months ended September 30, 2026, versus a net profit of some $161 million a year earlier. DealStreetAsia attributed the reversal to a net investment loss during the period. Revenue rose over 19% to $311.7 million, and adjusted EBITDA turned positive at roughly $0.6 million, Bukalapak reported.
• Superbank, the Grab-backed digital bank, tripled earnings and expanded its loan portfolio in 3Q2026, DealStreetAsia reported. Digital-lending growth and higher interest income drove the result, and the bank has expanded into vehicle financing for Grab drivers, DealStreetAsia said.
• Singapore-listed UltraGreen.ai, backed by Temasek’s 65 Equity Partners, tempered its full-year 2026 outlook as competition from the US intensified, DealStreetAsia reported. Nine-month revenue grew 35% to $131.8 million, the company reported.

Where did private capital deploy money?

• Japan’s Sumitomo Mitsui Trust Bank made a strategic equity investment in India-focused One Planet Partners, anchoring its debut fund, DealStreetAsia reported. One Planet Partners focuses on mid-market businesses in energy, mobility and manufacturing, the firm said.
• Advent International raised $30 billion across global funds, including nearly $27 billion for its 11th flagship fund and more than $3 billion for a mid-market strategy, DealStreetAsia reported. Its key Asia-Pacific markets include China, Japan and India, as well as Australia and New Zealand, DealStreetAsia said.
• The International Finance Corporation plans to invest up to $250 million in India’s JBM Auto and its electric mobility subsidiaries, DealStreetAsia reported. The transaction would take the form of non-convertible debt in multiple tranches, DealStreetAsia said.
• Indonesia Infrastructure Finance extended $33.1 million to a West Java hyperscale data centre and a North Sumatra specialist heart hospital, DealStreetAsia reported. As of August 2026, IIF had completed nine new financing transactions worth a combined 3.2 trillion rupiah, covering healthcare, ports and logistics, renewable energy, telecommunications, data centres, and waste and water management, DealStreetAsia said.
• Singapore-based Affirma Capital is believed to be exploring an exit from Indonesian charter aviation operator Travira Air, with talks underway with other mid-sized private equity firms, DealStreetAsia reported. DealStreetAsia said Affirma invested in Travira Air in August 2015.

Which startups secured venture backing?

• Peak XV and 137 Ventures anchored a $100 million round for US data analytics startup Hex, DealStreetAsia reported. Andreessen Horowitz and Sequoia Capital also joined, and the round valued the company at $1.2 billion, DealStreetAsia said.
• Hong Kong-based HSG acquired an approximately 80% stake in PeierTech, a Chinese maker of medical-grade nitinol materials and precision components, DealStreetAsia reported. PeierTech supplies device makers in more than 20 countries, DealStreetAsia said. Its products and services include nitinol wire and tubing, precision processing and device assembly for cardiovascular, neurovascular, gastrointestinal and orthopaedic applications, DealStreetAsia said.
• Elevation Capital is understood to be in talks to invest in Bengaluru-based ASTRM Intelligence Labs, an AI-native defence technology startup in India, DealStreetAsia reported. The proposed investment could put the company’s valuation at as much as $15 million, DealStreetAsia said.
• Australian space power technology startup MP Space raised about $16 million in a seed round anchored by Blackbird, DealStreetAsia reported. Seraphim Space, Systemiq Capital, Speedinvest and MFV Partners also participated, DealStreetAsia said.
• Singapore-based industrial AI startup Ailytics raised $7.4 million in a Series A led by Tin Men Capital, DealStreetAsia reported. SEEDS, part of SG Growth Capital; Japan-based cloud camera company Safie; a Japanese construction company; and family offices also participated, DealStreetAsia said.
• Fewer than one in five Southeast Asian startups that raised Series A funding during the 2021-2022 boom have secured a subsequent round, DealStreetAsia reported. About 60% recorded no follow-on funding, although most remained operational, according to DealStreetAsia’s latest report.

Why is Malaysia leading Southeast Asia’s IPO market?

• Malaysia led Southeast Asia in IPOs by number of issues and proceeds, according to the country’s bourse operator. In the first nine months of 2026, 47 listings raised some RM6.1 billion ($1.5 billion), the bourse operator said, as reported by DealStreetAsia.
• TPG-backed hospital operator Asia OneHealthcare filed a draft prospectus for a planned listing, DealStreetAsia reported. The planned offering is the latest to come to market, DealStreetAsia said.
• CEO Karl Loo told DealStreetAsia that Malaysia-based pre-owned electronics retailer 3cat “expects its Philippine business to outperform its domestic business” as it prepares to venture out. Foxmont Capital Partners backs the company, with the Asian Development Bank and Golden Gate Ventures participating, DealStreetAsia reported.

The next tests are Ares’ data-centre pipeline, TPG’s Asia fund deployment, Asia OneHealthcare’s planned listing and follow-on fundraising for Southeast Asian startups. Progress on those fronts will show whether the Oct. 26-31 momentum extends through 2026.