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Square Peg finds square hole in major tech investment

Square Peg finds square hole in major tech investment

Jonathan-Wenig

Firms around the world have pitched in to enable one of the largest transactions in the technology sector in South-East Asia this year.

Firms: Arnold Bloch Leibler (Square Peg Capital); TSMP Law Corporation in Singapore (PropertyGuru); Cleary Gottlieb Steen & Hamilton in Hong Kong (TPG); Rodyk & Davidson LLP in Singapore and Latham & Watkins in the UK (Immobilien Scout Gmbh).

Deal: Tech venture capital firm Square Peg Capital has made its largest investment to date, acquiring shares in PropertyGuru, the leader in South-East Asia’s online real estate classifieds. PropertyGuru will use funds from the investment to support innovation and growth in South-East Asia.

Australian firm Square Peg is part of a consortium investing in PropertyGuru. The other two investors are global private investment firm TPG and Indonesia’s largest media group, Emtek Group.

Value: Approx. A$169 million

Area: M&A

Key players: ABL partner Jonathan Wenig (pictured) and lawyer Jing Chang.

Deal significance: This transaction has been cited as the largest in the technology sector in South-East Asia this year.

“[This investment] brings [Square Peg] closer to their aspiration of becoming the leading Asia Pacific-based investor in venture and growth stage online and technology companies,” Mr Wenig said.

Square Peg Capital was co-founded by Paul Bassat, who also co-founded employment site SEEK.

Like this story? Read more:

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NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

Square Peg finds square hole in major tech investment
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