Singapore-based private equity fund EXS is looking to expand a hostel chain in Hong Kong catering to young travellers and digital nomads.
EXS Property Innovation Concepts VCC, a fund platform focused on “New Economy Real Estate” across Asia, recently invested US$4.6 million for an undisclosed stake in the Southeast Asia-focused hostel operator Mad Monkey.
Following a successful first round of fundraising, Mad Monkey aims to open up to 50 hostels in the next three years in Asia and Australia, said Chris Tai, a director at EXS, which has led around US$1 billion of investments into real estate businesses, including residential, office, data centres and hostels since its founding in 2007.
