Articles by Tim Burroughs
Iron Pillar co-founder launches India venture growth firm
Sameer Nath, co-founder and a managing partner at Indian VC firm Iron Pillar, has spun out to form TrueScale Capital, which will follow a similar venture growth remit.
AVCJ daily bulletin returns February 16
AVCJ's daily bulletin will take a short break for the Lunar New Year holiday. Publication will resume on February 16.
India SaaS: Global first
India’s enterprise software start-ups have traditionally ceded the spotlight to their consumer-facing peers, primarily because of their outlook – and their VC backers – are US-oriented. That is now changing
Quadrant becomes first Asia GP to make HEC top 10
Quadrant Private Equity has become the first Asia Pacific-based manager to make the top 10 in the HEC-Dow Jones Private Equity Performance Ranking.
Match buys VC-backed Korean social platform for $1.7b
Hyperconnect, a Korean social media platform backed by Altos Ventures and SoftBank Ventures Korea, has agreed to an acquisition by online dating giant Match Group for $1.73 billion in cash and stock.
MBK targets $639m acquisition of Japan aged care business
MBK Partners has joined the list of private equity firms pursuing deals in Japan’s aged care and healthcare space, having launched a tender offer for Tsukui Holdings Corporation at a valuation of JPY66.9 billion ($639 million).
Brunei, CPE join Series C extension for China's Pony.ai
Chinese autonomous driving technology supplier Pony.ai has secured a Series C extension of $100 million featuring new investors Brunei Investment Agency and CPE. It takes the company’s total funding to date past $1.1 billion.
PE-backed Luckin files for bankruptcy in the US
Chinese coffee shop chain Luckin Coffee, which has several private equity backers, has filed for bankruptcy protection in the US to aid its restructuring efforts following the emergence of a sales fraud last year.
AVCJ Awards 2020: Special Achievement: Lip-Bu Tan
Recognized as one of the pioneers of venture capital in Asia, Walden International’s Lip-Bu Tan still gets a kick out of leveraging his years of experience to help nascent start-ups
CDH exits Singapore equipment rental business
Japanese conglomerate Sumitomo Corporation has acquired Singapore-based construction equipment rental business Aver Asia, facilitating a full exit for CDH Investments.
Fund focus: TR raises $350m for China-heavy secondaries strategy
Having closed its fourth fund at the hard cap of $350 million, Asia secondaries specialist TR Capital expects to go deep into China fund restructurings, taking out renminbi investors onshore and offshore
AVCJ Awards 2020: Exit of the Year - Large Cap: Velocity Frequent Flyer
Building a core competence in data analytics and a broader array of loyalty options underpinned Affinity Equity Partners’ 3.6x return on Velocity Frequent Flyer
Temasek impact arm leads Series B for Vietnam dental player
ABC World Asia, the impact investment arm of Temasek Holdings, has led a $24 million Series B found for Kim Dental, a Vietnam-based dental clinic operator. Existing backer Aura Private Equity also participated.
CVC takes majority stake in Shiseido's personal care division
CVC Capital Partners is set to make its largest investment in Japan since before the global financial crisis, having agreed to purchase of a majority stake in Shiseido’s personal care business at a valuation of JPY160 billion ($1.52 billion).
Southeast Asia's shadow capital: Out of the darkness
Shadow capital – non-traditional pools of money held by sovereigns and corporates – has become a fixture in Southeast Asia’s tech space. Start-ups stand to benefit, but they must pick partners with care
Lilly Asia Ventures raises $1.35b for healthcare funds
Lilly Asia Ventures (LAV) has raised $1.35 billion for its latest healthcare fund, having introduced a $450 million opportunity vehicle that sits alongside a core pool of $900 million.
AVCJ Awards 2020: Firm of the Year - Mid Cap: Advantage Partners
Richard Folsom, representative partner of Advantage Partners, looks back on a year dominated by succession planning, fundraising, and new investment opportunities
EQT loses Singapore-based partner Tak Wai Chung
EQT has seen more turnover in its senior Asia team with the departure of partner Tak Wai Chung. The move comes as the firm looks to expand and reposition its business in the region.
Ravi Thakran's SPAC plans merger with aviation business
A special purpose acquisition company (SPAC) launched by Ravi Thakran, formerly head of L Catterton’s Asia operation, plans to merge with Wheels Up – a US-based aviation business described as Uber for private jets – at a valuation of $2.1 billion.
Fund focus: Japan's T Capital closes Fund VI at hard cap
Having completed its spin-out from Tokio Marine, T Capital Partners tapped overseas LPs for the first time for its sixth fund. They account for 40% of the JPY81 billion ($773 million) corpus
Allen & Overy strengthens Asia fund formation capabilities
Allen & Overy has recruited James Ford from O’Melveny & Myers as a partner in its Asia Pacific funds and asset management group. He continues to be based in Hong Kong.
Sideline SPACs: Competing priorities?
Ties between private equity firms and special purpose acquisition companies are not uniform – some are direct relationships, while others involve certain individuals. But proliferation is likely to attract more LP scrutiny
EQT launches in Japan as part of regional buildout
EQT has formally entered the Japan market – striking a partnership with Japan Industrial Partners (JIP) to aid its local penetration – as part of a broader plan to increase its Asia private equity exposure.
Profile: Sarmayacar's Rabeel Warraich
Rabeel Warraich swapped the stability of GIC for the untested waters of early-stage investment in Pakistan. With Sarmayacar about to close the country’s first VC fund, the gamble appears to be paying off