Capital A's Teleport raises US$50M from HPS at US$500M valuation

Capital A Bhd's logistics arm Teleport signed a subscription agreement on 22 January 2026 to raise US$50 million (about RM202 million) from HPS Investment Partners via redeemable convertible perpetual securities (RCPS), valuing the cross-border e-commerce logistics company at US$500 million (RM2.03 billion) on a pre-money basis (The Edge Malaysia). The deal is the New York-based private credit firm's first Asia investment since BlackRock's US$12 billion acquisition of HPS closed in 2024. Capital A, which is publicly listed on Bursa Malaysia as CAPITALA, will retain its 93.48% controlling stake in Teleport, with the new RCPS converting into ordinary shares only on an initial public offering or a trade sale.

The deal

The structure is quasi-equity with no fixed maturity. HPS, the private credit arm of BlackRock, will subscribe to RCPS issued by Teleport Everywhere Pte Ltd, the entity through which Capital A controls the Malaysian operating company Teleport Commerce Malaysia Sdn Bhd. The securities are perpetual, but HPS has the option to require redemption beginning five years from the closing date, while Teleport may redeem the instruments between two and five years from completion, subject to the terms of the agreement. Capital A said in its Bursa filing that its 93.48% shareholding would not be "materially diluted" following any conversion, because the conversion events are tied to an IPO or trade sale rather than a flat equity top-up.

The US$50 million brings Teleport's total capital raised since the company's 2018 founding to roughly US$109 million, according to the company's statement. Of the new proceeds, around US$46.1 million is earmarked for working capital within 12 months, with the balance covering transaction-related expenses and network expansion. BNP Paribas and Milbank acted as financial adviser and legal counsel to Teleport; Latham & Watkins served as legal counsel to HPS. The Edge and The Star both reported the subscription agreement was the first time Teleport has brought in institutional equity — the round, CEO Pete Chareonwongsak told Bloomberg, took nearly a year to close.

Why this matters

The headline is the HPS angle. BlackRock's acquisition of HPS in mid-2024 was the largest private credit deal in asset-management history, and the question on global credit desks through 2025 was where HPS would deploy under BlackRock ownership. The Teleport investment is the firm's first Asia deal under that new umbrella, and it is being read in regional private credit circles as a reopening of US private capital to Southeast Asia after a 12-month pause. The use of RCPS — perpetual, conversion-linked, no fixed coupon — also signals that HPS is willing to underwrite growth-stage risk in the region when the exit path is clearly defined, rather than only doing senior secured lending.

The Malaysian angle is equally material. Teleport is the largest logistics operator in Southeast Asia by parcel volume, became fully profitable in 2025, and is on track to roughly double its daily parcel deliveries to two million in 2026 from around one million today, Chareonwongsak said. The capital is earmarked for third-party airline capacity — including future freighter aircraft — and for network build-out across the China, rest-of-Asia and Middle East cross-border e-commerce corridor. For investors, this is the most concrete 2026 evidence that Malaysian-headquartered logistics platforms can attract quasi-equity from global private credit, not just ringgit-denominated debt from local banks.

The valuation is also worth marking. At US$500 million pre-money, Teleport is one of the most valuable privately held logistics platforms in Malaysia, ranking alongside publicly listed MTT Shipping and Logistics, which closed its ACE Market IPO in April 2026 at a RM653 million market capitalisation. Capital A's broader restructuring — the group sold its aviation business into AirAsia X in the last two years — has turned Teleport into one of the most valuable remaining assets on its book, and a future listing has been telegraphed by management as a five-year ambition that could come "potentially sooner" if market conditions allow.

What's next

Three milestones to track in 2026 and 2027. First, daily parcel volume: the company has stated a target of two million per day by year-end, from around one million currently. Second, any freighter aircraft or new third-party airline capacity announcement — those will be the visible signs the US$46.1 million working capital has been deployed. Third, the IPO window. The RCPS convert only on an IPO or trade sale, so any draft prospectus filing with the Securities Commission Malaysia or a Hong Kong / Singapore exchange would simultaneously mark Teleport's listing path and crystallise HPS's equity upside. The first quarterly Capital A disclosure showing the Teleport segment revenue and EBITDA split will be the earliest read on whether the doubling plan is on track.

Source: The Edge Malaysia — Capital A's Teleport raises US$50m via issue of RCPS for expansion