BlackRock’s HPS invests US$50 million in Malaysia’s Teleport for Asia debut
The deal values the company – a unit of Capital A Bhd – at US$500 million
[KUALA LUMPUR] HPS Investment Partners has invested US$50 million in Malaysian logistics firm Teleport, marking the global private credit firm’s first deal in Asia after being acquired by BlackRock.
HPS funds will subscribe to redeemable convertible perpetual securities issued by Teleport, according to a press release. The deal values the company – a unit of Capital A Bhd – at US$500 million.
BlackRock’s US$12 billion acquisition of HPS last year is central to the firm’s push to strengthen its foothold in private credit globally, including in Asia.
The deal – completed in July and placing HPS in charge of the combined group’s private-credit strategy – came after BlackRock’s earlier efforts in the region struggled, hampered by leadership turnover and a strategy that failed to resonate with investors, Bloomberg News reported.
Against that backdrop, HPS’ investment in Teleport marks its first private-credit deal in Asia under BlackRock’s ownership, according to people familiar with the matter. The firm is counting on HPS’ track record to help reset its approach in the region and correct earlier missteps.
A BlackRock spokesperson declined to comment.
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Teleport chief executive officer Pete Chareonwongsak said that the fundraising process took nearly a year and represents the company’s first institutional equity round. An IPO could take place within the next five years, though he hopes the timeline will be “a little sooner than that.”
“The US$500 million valuation is a reflection of their view that on a forward basis, we have a long way to grow and we are just getting started,” Chareonwongsak said in an interview in Kuala Lumpur ahead of the announcement.
Teleport’s valuation would rank it among Capital A’s most valuable assets. The logistics firm was the group’s biggest non-aviation revenue contributor before its parent disposed the AirAsia airline business to sister company AirAsia X Bhd last week.
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Founded in 2018, Teleport is the biggest logistics firm in South-east Asia by volume, according to Chareonwongsak. The company, which became fully profitable last year, has posted double-digit annual revenue growth since inception, he added. It plans to double daily parcel deliveries to two million in 2026 from around one million following the fundraising.
Teleport has tapped private credit before. In 2023, it secured a US$40 million loan from Deutsche Bank and ADM Capital, primarily for growth capital, Bloomberg News reported. Chareonwongsak said the investment from HPS will not be used to service that earlier debt. BLOOMBERG
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