Articles by Tim Burroughs
Japan mid-market: Realignment issues
Competition is intensifying in certain segments of Japan’s middle market, driving up valuations. Private equity firms must consider how they position themselves to maximize deal flow
Tokio Marine exits Japanese machinery parts maker
Tokio Marine Capital has agreed to sell its entire stake in Tonichi Kosan, a Japanese manufacturer of parts used in construction and agricultural machinery, to machinery wholesaler Wakita & Co.
Primavera-backed Chinese education player targets US IPO
Sunlands Online Education Group, a post-secondary and professional education services business backed by Primavera Capital, has filed for a US IPO.
Abraaj founder steps back as part of governance review
Arif Naqvi, founder of The Abraaj Group, has stepped back from the fund management business as part of changes to the firm’s governance and operating model. This comes after LPs expressed concerns that a healthcare fund had been misused.
Chinese fund abandons Xcerra deal, cites CFIUS problems
Sino IC Capital, a technology-focused PE fund manager backed by the Chinese government, has become the latest investor to fall foul of US regulators following the termination of its acquisition of semiconductor and electronics manufacturer Xcerra.
Chinese dating app Momo buys VC-backed Tantan
Chinese mobile dating app operator Momo, which has been listed on NASDAQ since 2014, has agreed to buy 100% of VC-backed industry peer Tantan in a cash and stock deal.
Baird buys stake in funeral services provider Nirvana Asia
Baird Capital has acquired a minority stake in Nirvana Asia, a funeral services business that was privatized by CVC Capital Partners in 2016 in conjunction with the company’s founder.
Asia takes emerging markets fundraising to post-crisis high - EMPEA
Emerging markets private capital fundraising – led by emerging Asia – reached its highest point since the before the global financial crisis in 2017, according to EMPEA, with capital dispersed more evenly across different strategies than ever before.
Orchestra buys Korean post-production business
Orchestra Private Equity, a GP that focuses on Korea-Japan cross-border transactions, has invested KRW61 billion ($56 million) for an 87% stake in Seoul Vision, a Korean post-production house for TV commercials.
Warburg, Sequoia join $20m investment in India's Capillary
Capillary Technologies, an Indian cloud-based software provider that focuses on customer relationship management (CRM), has raised $20 million from existing investors including Warburg Pincus and Sequoia Capital.
Former Bain executives target $500m Japan fund
Two former principals with Bain Capital Private Equity in Japan have established their own country-focused firm – Nippon Investment Corporation (NIC) – and are seeking to raise a $500 million fund.
Singapore to launch $76m IP commercialization vehicle
Singapore will support local start-ups through a S$100 million ($76 million) intellectual property (IP) commercialization fund, with Temasek Holdings set to provide at least half the capital.
VC-backed Taiwan drug maker files for US IPO
Taiwan Liposome, a venture capital-backed manufacturer of pain medication and treatments for eye conditions, has filed for a NASDAQ IPO.
Indonesia's Go-Jek scales up with Series E round
Indonesian ride-hailing and delivery platform Go-Jek is set to achieve a post-deal valuation of more than $5 billion through a funding round that was expected to reach $1.5 billion but has seen the addition of several strategic backers.
Mahindra participates in $40m round for India's Zoomcar
Mahindra & Mahindra will invest up to INR1.76 billion ($27 million) in Zoomcar as part of a $40 million round for the Indian car-rental start-up. The rest of the capital comes from existing backers.
CHAMP Ventures-owned Macpac set for $107m trade sale
Australia-listed Super Retail Group has agreed to buy 100% of Macpac, a New Zealand-headquartered outdoor apparel and equipment supplier owned by CHAMP Ventures, for NZ$144 million ($107 million).
VIG buys Korean food wholesaler for $69m
VIG Partners has agreed to buy an 83.1% stake in Korean food wholesaler WinPlus for KRW74 billion ($69 million). The investment includes a primary capital injection of KRW45 billion.
Australia's IFM: The customized approach
IFM Investors has moved from fund-of-funds through co-investment to a direct approach designed to meet its superannuation fund clients’ concerns about access, cost, and transparency. Is it working?
Specialization: Buying better
Should the next-generation Australian private equity firm be doing more to differentiate itself from the competition - in the eyes of potential investees as well as investors?
Co-founder of Chinese GP Ascendent to leave firm
Kevin Zhang, one of the two co-founders of Chinese middle market private equity firm Ascendent Capital Partners, is retiring from the firm. He is understood to be planning to establish his own family office.
Hillhouse, Sequoia join $2.5b round for JD.com's logistics unit
Chinese online retailer JD.com has raised approximately $2.5 billion for its logistics subsidiary from investors including Hillhouse Capital and Sequoia Capital China.
AVCJ daily bulletin returns February 20
AVCJ's daily bulletin will take a short break for the Lunar New Year holiday. Publication will resume on February 20.
Blackstone makes leadership team changes
The Blackstone Group has shuffled its senior leadership – with Tony James, the firm’s president and COO, handing over day-to-day management duties to global real estate head Jon Gray – as part of efforts to address succession planning.
Australia distress: The luxury of time
Two pieces of legislation – one enacted and the other pending – are expected to facilitate corporate restructuring in Australia. It remains to be seen how turnaround investors take advantage of this