Southeast Asian e-commerce and gaming giant Sea Ltd is winding down its investment arm, two people with knowledge of the matter said, amid a cooling investment environment globally as macroeconomic and market uncertainty weigh on valuations.
A lanyard showing logos of Southeast Asian e-commerce and gaming group Sea Ltd is pictured at its office in Singapore, March 5, 2021. REUTERS/Edgar Suis winding down its investment arm, two people with knowledge of the matter said, amid a cooling investment environment globally as macroeconomic and market uncertainty weigh on valuations.
Sea's decision to close the two-year-old arm comes as technology investors - both funds and firms - have held back on investing amid higher interest rates and while economies struggle for growth as they recover from the COVID-19 pandemic. Singapore-based Sea launched Sea Capital in March 2021 with initial capital of $1 billion after buying Hong Kong's Composite Capital Management, founded by former Hillhouse Capital partner David Ma who became Sea Capital's chief investment officer.
The second person said Sea Capital's entire team had been disbanded and moved to other roles in May. The arm itself will continue to exist on paper as its investments are still valid.
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