Articles by Tim Burroughs
CITIC Capital targets OBOR deals with blank check company
CITIC Capital has launched a special purpose acquisition vehicle (SPAC) – or blank check company – on the New York Stock Exchange to pursue deals under its One Belt One Road (OBOR) strategy.
Northstar seeks $800m for Southeast Asia fund
Northstar Group, a Southeast Asia-focused private equity firm that counts Indonesia as its core market, is looking to raise $800 million for its fifth fund, according to sources familiar with the situation.
Fund focus: Baring sees stability in scale
Jean Eric Salata, CEO of Baring Private Equity Asia, argues that a $6.5 billion fund is not too large for Asia – he wishes he’d raised more – and explains why size increasingly represents a competitive advantage
Deal focus: Australia's SiteMinder plans international expansion
Australia-based SiteMinder benefited from being an early mover in the global hotel software space. It has joined a select group of local B2B players endowed with international scale and strong cashflow
AVCJ daily bulletin returns January 29
AVCJ's daily bulletin will take a short break for the Lunar New Year holiday. Publication will resume on January 29.
SDG-focused platform to pump $500m into emerging markets
Several public sector organizations have committed $500 million to six funds managed by Bamboo Capital Partners under a new investment platform dedicated to achieving the UN sustainable development goals (SDGs).
CITIC Capital seeks to increase McDonald's China stake
CITIC Capital is bidding for a 22% stake in the McDonald’s China and Hong Kong business held by CITIC Group, formerly its parent and now one of several shareholders.
Fund focus: Lexington targets growing Asia secondaries market
Having closed its ninth fund at $14 billion, Lexington Partners is hunting for assets in a secondary market that is becoming ever larger and diverse. Asia is on the agenda, whether it’s GP-led restructurings or LP portfolios
Ares takes controlling stake in Asia's SSG
Ares Management has agreed to buy a controlling stake in SSG Capital, an Asia-focused credit and special situations fund manager with approximately $6.2 billion in assets under management, including $3.9 billion in dry powder.
4Q analysis: On trend
The last three months of 2019 were consistent with the preceding nine as pan-regional fundraising remained weak and exits continued to disappoint. Only investment rebelled against the status quo
Baring Asia closes Fund VII at $6.5b
Baring Private Equity Asia has closed its seventh fund with commitments of $6.5 billion. It is the fourth-largest pan-Asian private equity vehicle ever raised.
Ex-GE Capital executives target $300m for Asia credit fund
Sammasan Capital, a credit investment firm established by two former executives with GE Capital in Asia, is looking to raise up to $300 million for its debut fund.
Affinity loses Australia head
Brett Sutton, who leads Affinity Equity Partners’ operations in Australia, has resigned from the firm after more than 15 years of service.
AVCJ Awards 2019: Exit of the Year - IPO: Innovent Biologics
Innovent Biologics has set a new standard for Chinese biotech, securing an innovative drug development tie-up with Eli Lilly and then completing a successful Hong Kong listing
Asia PE fundraising falls 28% in 2019
Capital committed to Asia-focused private equity managers fell 28% year-on-year to $104.4 billion in 2019, largely due to a drop-off in activity in the pan-regional buyout and venture capital segments. Investments and exits were also down on the previous...
China Feihe gains drive Morgan Stanley's investment revenue
Projected carried interest payments from Morgan Stanley Private Equity Asia’s (MSPEA) investment in Chinese dairy products company China Feihe were largely responsible for a near fivefold increase in annual investment revenue for the parent bank.
Hong Kong seeks to address carried interest concerns
The Hong Kong government has pledged to resolve uncertainty within the private equity industry on the taxation of carried interest as part of efforts to make the territory more attractive to fund managers.
AVCJ Awards 2019: Firm of the Year - Large Cap: PAG
China’s private consumption story continues to be a driving force for PAG Asia Capital. The GP also won prizes for Deal of the Year - Large Cap and Fundraising of the Year - Large Cap
FountainVest backs China online ticketing player Maoyan
FountainVest Partners has acquired a significant minority stake in Maoyan Entertainment, a Chinese online ticketing business that completed an IPO in Hong Kong last February.
Hony commits capital to its Hong Kong-listed restaurant platform
Hony Capital has injected HK$780 million ($100 million) into Best Food Holdings, the Hong Kong-listed platform it established in 2016 to make investments in China’s food and beverage industry.
China PE: Tipping point?
Uncertainty continued to weigh on China private equity deal flow last year, leaving plenty of capital sitting on the sidelines waiting to reengage. GPs see diversification as an antidote to competition
KKR pumps $150m into its India credit business
KKR has committed an additional $150 million in funding to its India-based non-banking financial company (NBFC), citing strong growth prospects for credit investment in the country.
Fajr Capital exits Brunei bank
Fajr Capital, a Dubai-based private equity firm that makes investments in the Middle East and Southeast Asia, has exited its position in Bank Islam Brunei Darussalam (BIBD).
Fund focus: Unicorn prepares for turbulence in China's VC space
China-focused venture capital fund-of-funds Unicorn Capital Partners, which has raised $350 million for its latest vehicle, expects consolidation in the tech investment space as underperforming GPs flounder