Articles by Tim Burroughs
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.
PAG's Shan emphasizes diversity, control in Asia private equity
Momentum has shifted towards geographically diversified pan-regional investors, control deals, and private markets following a decade dominated by China-centric funds, growth-stage technology plays, and public equities, Weijian Shan, chairman and CEO...
Capcon Semiconductor raises $50m
Hillhouse Capital, Cowin Capital, Chengchuang Capital, and SAIC Motor Corporation's Shangqi Capital have participated in a USD 50m extended Series B round for Capcon, a Chinese-founded supplier of semiconductor assembly and packaging equipment.
India's Avataar hires partner from Alpha Wave Global
Avataar Venture Partners, an India-based investor in growth-stage B2B technology and software-as-a-service (SaaS) companies, has recruited Anirudh Singh from Alpha Wave Global as a partner.
Everstone, Goldman buy IT consulting player Cprime
India and Southeast Asia-focused private equity firm Everstone Capital has teamed up with Goldman Sachs Asset Management to acquire US-headquartered IT consulting business Cprime. The size of the transaction was not disclosed.
General Atlantic invests $130m in Indonesia's Cimory
General Atlantic has paid USD 130m for a 5.64% stake in Indonesian dairy and consumer goods producer Cimory, which completed a domestic IPO towards the end of 2021.
Asia buyouts: The case for control
Investors are looking to minimise external financial and macro risks and emphasise factors they can control – which means more buyouts, careful asset selection, and greater operational intensity
Allen & Overy adds fund formation partner in Shanghai
Allen & Overy has strengthened its Asia Pacific funds and asset management group with the appointment of Daisy Qi as a partner based in Shanghai.
ICG invests in Korea's Big Mama Seafood
Intermediate Capital Group (ICG) has announced a second deal in three weeks from its fourth Asia fund – which closed last year on USD 1.1bn – with a commitment of undisclosed size to Korea-based Big Mama Seafood.
China's CIC becomes largest state-owned investor - report
China Investment Corporation (CIC) surpassed Japan’s Government Pension Investment Fund (GPIF) and Norway’s Norges Bank Investment Management (NBIM) to become the world’s largest state-owned investor in 2022, according to Global SWF Tracker.
Deal focus: TR leads $150m multi-asset secondary for India's Samara
TR Capital first worked with Samara Capital on a single-asset continuation fund for Sapphire Foods India – and saw the local Yum Brands franchisor go public about three months after the deal was announced. It has now reunited with Samara for what amounts...
Advent joins Series D for India's KreditBee
Advent International has committed USD 100m to Indian lending start-up KreditBee as an extension to a Series D round announced last month.
China's Breton Technology raises $84m
Breton Technology, a China-based manufacturer of new energy mining equipment, has closed an extended Series C round of CNY 579m (USD 84.5m) from a slew of domestic investors.
PAG invests $500m in China's iQiyi
PAG has invested USD 500m in China-based online video streaming platform iQiyi through a private placement of senior convertible notes.
Northstar hits first close on Southeast Asia VC fund
Southeast Asia-focused private equity firm Northstar Group has reached a first close of USD 90m on its first venture capital fund. The overall target is USD 150m.