HPS commits up to $434 million to Asian waste management expansion
Private credit investor HPS Investment Partners is increasing its exposure to Asia with a planned investment of up to S$555 million in a regional waste management business. The commitment comes after BlackRock's acquisition of the firm and is aimed at supporting the unit's growth across Asian markets.
Highlights
- HPS will invest up to $434.6 million by subscribing to SBTH Asia Holdings Pte preference shares for Asian waste management expansion.
- The funding will support TBS Energi Utama's expansion of waste management operations across Asia through its holding company.
- HPS's regional deployment increases after BlackRock Inc.'s acquisition, underscoring ongoing investor interest in Asia's environmental services and infrastructure.
Investment structure and expansion plan
As reported by Bloomberg, HPS funds will subscribe to preference shares to be issued by SBTH Asia Holdings Pte, a holding company of Jakarta-listed energy and infrastructure firm TBS Energi Utama.The investment can reach as much as S$555 million, equivalent to about $434.6 million. The proceeds are set to finance the expansion of the company's waste management operations across Asia.
Regional deployment after BlackRock deal
The transaction adds to HPS's investment activity in Asia as the alternative asset manager increases regional deployments following its acquisition by BlackRock Inc.The deal also highlights continued investor interest in waste management and related infrastructure businesses in Asia, where capital is being directed toward growth platforms linked to environmental services.
In our earlier article on Menara Asia’s Menarabena launch, we covered how the new B2B platform aims to digitalise Malaysia’s construction supply chain by linking contractors with building material suppliers and consolidating certification, documentation and compliance data. We also noted the role of its collaboration with CIDB-related entities in supporting product approval and certification processes, with the goal of improving efficiency and quality standards across the industry.
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