Articles by Tim Burroughs
Asia IPOs gone cold: India edition
A compilation of India-based IPOs - some of them private equity-backed - that have been withdrawn or appear to have fallen behind schedule
Hillhouse-backed China pet services business seeks US listing
New Ruipeng Pet Group, a China-based pet care services platform that counts Hillhouse Capital as a significant shareholder, has filed for an IPO in the US.
Australia's Potentia contests Nitro merger plan
Potentia Capital has appealed a decision by Australia’s Takeovers Panel not to intervene in a situation that has seen Nitro Software repeatedly rebuff acquisition proposals made by the private equity firm.
Japan's Net Marketing is sold four months after take-private
Net Marketing, a Japanese online advertising and media management business that was delisted following the completion of a successful tender offer by Bain Capital last September, has been acquired by Tokyo-listed marketing analytics player Macbee Planet.
Orchestra Private Equity acquires KFC Korea
Having secured permission to do sub-franchising and to make alterations to menus and store formats, Orchestra Private Equity believes it can succeed with KFC Korea where others failed
Bain exits India maritime logistics business to German strategic
Bain Capital has sold its stake in J.M. Baxi Ports & Logistics, an India-based provider of maritime logistics, to Germany-headquartered shipping and container transportation company Hapag-Lloyd for an undisclosed sum.
Partners Group, Pantheon bolster Japan coverage
Partners Group and Pantheon have both strengthened their teams in Japan, with the former appointing Teppei Kawai as country head and the latter promoting Akitoshi Yamada to partner.
India's PhonePe raises $350m at $12b valuation
General Atlantic has invested USD 350m – at a pre-money valuation of USD 12bn – in PhonePe, a digital payments platform that spun out from Indian e-commerce marketplace Flipkart.
AVCJ daily bulletin returns January 26
AVCJ's daily bulletin will take a short break for the Lunar New Year holiday. Publication will resume on January 26.
Deal focus: Secondary investors support Capital Square, Basil merger
Capital Square Partners and Basil Technology Partners have joined forces, with HarbourVest Partners, NewQuest Capital Partners, and Committed Advisors backing a USD 700m fund comprising Asia IT services investments from both GPs
China’s Yunqi seeks $300m for fourth VC fund
Yunqi Partners, which makes early-stage investments in China’s enterprise software and services space, is targeting USD 300m for its fourth US dollar-denominated fund.
Asia PE investment declines 40% in 2022
Asia private equity investment reached USD 223.9bn in 2023, a sharp decline from the USD 376.4bn recorded a year earlier, but still the second-largest annual total on record, according to provisional data from AVCJ Research.
TR exits last China asset acquired through Cassia restructuring
TR Capital has sold China-focused luxury streetwear brand Evisu United – one of two assets it acquired through fund restructuring for Cassia Investments – through a sale to an unnamed financial sponsor. The size of the deal was not disclosed.
Bain & Co appoints new Asia PE practice co-head
Bain & Company has named Sebastien Lamy, who has been with the firm for over 20 years and most recently focused on Asia infrastructure investment, as co-head of its regional private equity practice.
India's Lighthouse seeks $425m for Fund IV, gets NIIF commitment
Lighthouse Funds is targeting INR 35bn (USD 425m) for its fourth India fund and has signed up the country’s National Investment & Infrastructure Fund (NIIF) as an anchor LP.
Asia GPs see reversion to norm on deal flow, valuations
Asia-focused buyout managers pointed to a return to a version of normality – with an anticipated upturn in investment and exits – in 2023 at the Hong Kong Venture Capital & Private Equity Association’s (HKVCA) Asia forum.
4Q analysis: Who wants China?
Pan-regional GPs get traction by highlighting their Asia ex-China credentials; buyouts rebound as growth capital – and China – continue to recede; India impresses with bumper exit proceeds
Profile: Elevation Equity Partners’ Gordon Cho
Negotiating a spinout while troubled by health issues tested Gordon Cho’s faith and resilience. He feels stronger for the experience and is now looking to make his mark on Korea’s middle market
Deal focus: VIG secures rare airline turnaround opportunity
VIG Partners stepped into the breach when Eastar Jet’s previous white knight bailed. It agreed to recapitalise the airline on obtaining assurances that key licenses and routes remain in place
CVC hits USD 3.5bn first close on sixth Asia fund
CVC Capital Partners achieved a first close of USD 3.5bn on its sixth pan-Asian fund at the end of last year.
Japan rocket start-up Interstellar gets $29m Series D
Interstellar Technologies, which in 2017 became the first Japanese company to launch a privately developed space rocket and is currently working on solutions for sending small satellites into orbit, has raised JPY 3.8bn (USD 29.6m) in Series D funding.
TR hits $350m first close on fifth Asia secondaries fund - update
TR Capital, an Asia-focused private equity secondaries investor, has reached a first close of USD 350m on its fifth fund, which has an overall target of USD 600m.
India's IIFL Asset Management merges with Truscale
India-based alternative investment manager IIFL Asset Management (IIFL AM) has agreed to take ownership of TrueScale Capital, a venture growth firm established by Sameer Nath, formerly of Iron Pillar.
GIC, PIF invest $924m in Korea's Kakao Entertainment
Singapore’s GIC and Saudi Arabia’s Public Investment Fund (PIF) have agreed to invest a combined KRW 1.15trn (USD 924m) in Korean internet giant Kakao’s entertainment division.