Exit
Japan VC-backed internet firm Kayac files for IPO
Kayac, a Japanese internet company backed by Globis Capital Partners and CyberAgent, has filed for its IPO on the Mothers (market of the high-growth and emerging stocks) section of the Tokyo Stock Exchange (TSE).
Taiwan regulators promise greater transparency – AVCJ Forum
Local regulators stressed their commitment to encouraging private equity investment as industry participants at the AVCJ Taiwan Forum urged the government to appreciate the role the asset class can play in shoring up the island’s slowing economy.
Affinity to exit Australia's Primo as JBS agrees $1.25b acquisition
Affinity Equity Partners will exit Australian deli meats producer Primo Group after Brazilian food processing giant JBS agreed to buy the business for A$1.45 billion ($1.25 billion).
Australia's Aconex targets $120m IPO, PE to exit
US-based PE investor Francisco Partners will fully exit Australia’s Aconex as the cloud-based project management platform for the construction industry raises A$140 million ($120 million) through an IPO.
JIP sells Japanese phone retailer ITX for $433m
Japanese electronics retailer Nojima has agreed to acquire a 100% stake in mobile phone retailer ITX from Japan Industrial Partners (JIP) for JPY51.3 billion ($433 million).
VC-backed eHi Car Services raises $120m in US IPO
EHi Car Services, a Shanghai-based car rental company backed by a string of VC investors, has raised $120 million through an IPO on the New York Stock Exchange (NYSE).
Quadrant set for partial exit via Estia Health’s $726m IPO
Quadrant Private Equity will exit as much as half of its stake in Estia Health as the Australian aged care provider seeks to raise up to A$834 million ($726 million) through an IPO. The private equity firm bought the business in October 2013.
VC-backed Japanese gaming start-up files for Tokyo IPO
Gumi, the VC-backed Japanese game developer, has filed for its Tokyo IPO, which could value the company at JPY100 billion ($900 million).
Asahi in $175m settlement with PE firms over Independent Liquor
Asahi has received NZ$220 million ($175 million) from Pacific Equity Partners (PEP) and Unitas Capital in a settlement that brings to a close their dispute over the sale of New Zealand beverage producer Independent Liquor.
CITIC Capital exits Japan's Higashiyama Film to Otsuka Chemicals
CITIC Capital Partners has exited Japan's Higashiyama Film, a maker of coated films for touch screens and flat panel displays, to Otsuka Chemical.
Baring Asia buys Japanese drug maker from Tokio Marine
Baring Private Equity Asia has agreed to buy Japan-based Bushu Pharmaceuticals from Tokio Marine Capital at an enterprise valuation of JPY77.3 billion ($670 million).
TPG-owned Inghams sells $138m in real estate assets
TPG Capital-owned Australian poultry producer Inghams Enterprises has sold 31 properties to W.P. Carey, a US-based real estate investment trust, for A$157 million ($138 million).
China’s Sky Solar raises $44.2m in scaled back US IPO
Sky Solar Holdings, a Hong Kong-based independent power producer (IPP) backed by IDG-Accel China Capital, has raised $44.2 million through a US IPO after scaling back the size and pricing of the offering.
MBK sells Japan-based Yayoi to Orix for $692m
North Asia-focused buyout firm MBK Partners has exited Japanese accounting software firm Yayoi to Orix Corp. for JPY80 billion ($692 million).
Quadrant-backed APN Outdoor sees shares jump 8% on debut
Shares in APN Outdoor - the Australian billboard advertising business backed by Quadrant Private Equity - jumped as much as 8.6% as the company debuted on the Australian Securities Exchange (ASX).
Taiwan’s Cathay buys PE-owned Conning for $240m
Cathay Life Insurance, Taiwan’s largest insurer, has agreed to buy Conning Holdings, an asset manager owned by US private equity firm Aquiline Capital Partners, for $240 million.
Silver Lake overcame doubters to secure Alibaba deal – AVCJ Forum
Silver Lake’s 2.2% stake in Alibaba Group is worth more than $6 billion at current market prices, but internal approval for the original investment in the Chinese e-commerce player in 2011 did not come easily.
Bain nets $400m through part-exit from India’s Hero MotorCorp
Bain Capital has completed a second partial exit in five months from Indian motorcycle manufacturer Hero MotorCorp, raising INR24.5 billion ($400 million).
VC-backed Chinese dating app Momo files for US IPO
Momo, a Chinese location-based social-networking app best known for its “flirting” function, has filed for a US IPO. Backers include Alibaba Group, Matrix Partners, Yunfeng Capital and Sequoia Capital.
TVS Capital consortium picks 26% stake in IEX
A consortium led by TVS Capital Funds has agreed to buy a 25.64% stake in Indian Energy Exchange (IEX) for INR5.76 billion ($94 million) from Blackstone-backed Financial Technologies India (FTIL).
Asia PE performance: Special measures
Asian private equity has, by some accounts, failed to meet LP expectations in terms of risk-adjusted returns. With GPs under pressure to show they can be company builders, is specialization the inevitable end game?
Motilal Oswal PE set for part exit through Power Mech IPO
India's Motilal Oswal Private Equity is set to make a partial exit from Hyderabad-based power infrastructure service provider Power Mech Projects, which has filed for an IPO.
J-Star secures 5x exit from healthcare firm HCM - update
Japanese mid-market buyout firm J-Star has exited Tokyo-based healthcare service provider HCM Corporation to Alshok Group at an enterprise value of JPY8.88 billion ($78.7 million), generating a 5x cash multiple and a 60% IRR.
PEP makes another partial exit from Australia's Veda Group
Pacific Equity Partners (PEP) has generated around A$218 million ($192 million) through a partial exit from Australia-listed credit-checking firm Veda Group. It still holds 19.6% stake of the business.