CNEI secures 9.4x return on partial exit from Liyuan Aluminum
China New Enterprise Investment (CNEI) has completed a partial exit from Jilin Liyuan Aluminum, one of the country’s leading aluminum extrusion product manufacturers, securing a 9.4x gross return.
The China-focused growth capital investor sold about 5% of its outstanding shares in Shenzhen-listed Liyuan, or 42% of its investment holding in the company, through block trades and the public market. Gross proceeds from the sales amounted to $29 million.
CNEI invested $7.5 million in Liyuan in July 2008. The investment was made through China New Enterprise Investment Fund I, a $113 million vehicle that closed in 2007. Liyuan subsequently completed its IPO on the Shenzhen SME Board in November 2010, with CNEI subject to a one-year lock-up period on its holding.
The private equity firm is currently investing out of its second fund, which closed in 2010 at $255 million. Its particular focus is consumer-oriented companies, with recent deals including an $8 million commitment to Men's Life, a men's grooming products business.
CNEI manages its funds in China through a transparent onshore structure with predominantly foreign capital.
More on Exits
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.