SE Asia’s exit market will open like India’s: Affirma Capital

This interview originally appeared in the Mapping SEA & Indonesia’s 2024 Journey report released during the Indonesia PE-VC Summit 2025.

Southeast Asia’s private capital landscape remains tight, with limited exit avenues and rising operational costs in a constrained global monetary environment. Higher interest rates, cautious strategic acquirers, and lacklustre public markets have made capital recycling more challenging, forcing investors to rethink liquidity strategies.

Against this backdrop, Affirma Capital managing director and head of Asean Winston Mandrawa is confident that exit environments in the region will improve, drawing parallels to India’s market recovery.

“We believe the exit market in Southeast Asia will open again as it did in India, but in the meantime focus on evaluating sales and acquisition options that are available for our well-performing companies,” said Mandrawa in an interview for DealStreetAsia’s DATA VANTAGE report Mapping SEA & Indonesia’s 2024 journey.

The Singapore-headquartered PE firm has partially exited its portfolio company TBO Tek, which debuted on the Indian Stock Exchanges in May last year, at a valuation that delivered approximately 11x multiple on invested capital. The firm had earlier divested a 15% stake to General Atlantic. TBO Tek’s listing marks Affirma Capital India’s fourth liquidity event in 2024. Bullish on India, the company is looking to raise an India-dedicated fund with a target of about $350 million.

On Southeast Asia, Mandrawa said his firm remains committed to deploying capital into renewable energy and energy transition in the region, targeting proven infrastructure plays that can deliver returns. Success in this space requires platform-building, navigating greenfield risks, and structuring optimal financing–an area with few mid-market competitors, he said.

Beyond its climate impact strategy, Mandrawa said Affirma Capital will continue to leverage its two-decade track record in Southeast Asia by investing in sectors benefiting from the region’s rising consumer class. Core focus areas include FMCG, financial services, education, healthcare, and digital services, all positioned for long-term structural growth.

Edited excerpts of the interview:

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