Xcelerate, a governance, risk and compliance platform based in Singapore, has raised over US$25 million in an equity funding round led by the private equity arm of Federated Hermes.

The latest funding also saw strong participation from existing institutional investors Altair Capital and Exacta Capital Partners. Co-founders of Xcelerate and other existing shareholders also invested further in this round.

Proceeds from the fundraise will be deployed for strategic acquisition opportunities and ongoing investment into the firm’s operations, team and technology.

Xcelerate offers comprehensive solutions to corporates to help them maintain the highest levels of governance standards, manage risk and ensure compliance with various statutes, laws, and regulations, both internal and external.

Since its inception in 2021, the firm has made significant investments in the social compliance and risk management segments in India and has plans to expand into Asia-Pacific and other markets in the near future.

Federated Hermes Private Equity has US$6.4 billion in assets under management as of September 31 2023, and a 30-year track record of investing in innovative and high-growth businesses.

Altair Capital is a private equity firm focused on buyout and significant minority investments in Southeast Asia, and is the Asean affiliate of Polaris Capital Group, a leading buyout group in Japan. Exacta Capital Partners is a Southeast Asia-focused lower-middle-market private equity fund manager founded in 2013.