Turn Capital eyes more undervalued assets after Flash Coffee Thailand buyout

TURN Capital, the firm started by the co-founder of live-streaming operator 17Live, has raised its maiden fund to invest in business turnarounds in the consumer and technology sectors.

The fund’s first deal is a total buyout of the Thai unit of Flash Coffee, the venture-backed coffee chain that is undergoing consolidation across its markets. The deal size was undisclosed.

Turn Capital, founded in 2020 by Joseph Phua as a single family office investing in distressed assets, is looking to take controlling stakes in Asian companies, and to turn them around towards profit-breakeven within a year.