Articles by Tim Burroughs
Bain-owned MYOB completes BankLink bolt-on
Bain Capital-owned accounting software firm MYOB has agreed to buy BankLink, an accounting services provider, from New Zealand-based Media Transfer Services. The private equity firm will contribute NZ$61 million ($50.6 million) in equity funding to support...
AsiaInfo-Linkage finally accepts CITIC-backed MBO offer
Chinese telecom software provider AsiaInfo-Linkage has accepted a take-private offer from CITIC Capital Partners that values the company at approximately $890 million. The initial offer was made last January but has taken the AsiaInfo board about 16 months...
Alibaba invests $294m in Chinese digital mapping firm
Alibaba Group has agreed to pay $294 million for a 28% stake in AutoNavi Holdings, a Chinese digital mapping company listed in the US. The deal is further evidence of cash-rich Chinese internet companies’ increasing acquisitiveness as they seek to diversify...
Warburg Pincus raises $11.2b for global fund
Warburg Pincus has reached a final close of $11.2 billion on its latest global fund, one of the largest private equity vehicles raised since the global financial crisis. The firm fell short of its $12 billion target – as well as the $15 billion amassed...
IFC considers $20m investment in Hosen’s China agri fund
International Finance Corporation (IFC) plans to invest up to $20 million in Hosen Capital’s New Hope Agriculture and Food Fund II, which launched last June and is targeting $180 million for investments in China’s agriculture sector. It is further...
Carlyle reaches $1.5b on fourth Asia buyout fund
The Carlyle Group has so far raised $1.5 billion for its fourth Asia buyout fund, which is expected to reach a final close of $3.5 billion by the end of this year. William E. Conway, the private equity firm’s co-founder and co-CEO, said in the first...
Sequoia’s Shen remains top Asia VC in Midas List
Seven Asia-based investors have made it on to the 2013 Forbes Midas List of leading global venture capitalists. This compares to 10 last year, although an increasing number of US resident members are known for backing Chinese and Indian start-ups.
PEP-owned Hoyts seeks US debt financing
Australian movie theater operator Hoyts Group, which is owned by Pacific Equity Partners (PEP), is looking to raise $450 million in the US high-yield debt market. It is the latest in a string of Australian corporates to take advantage of strong liquidity...
Temasek-invested US drug developer targets IPO
Portola Pharmaceuticals, a US-based drug developer whose largest shareholder is Temasek Holdings, plans to raise $127 million through a NASDAQ IPO. The other backers include MPM Capital, Prospect Venture Partners, Brookside Capital, Sutter Hill Ventures,...
Baidu buys VC-backed PPS’ online video platform
Baidu has agreed to pay $370 million for PPS’ online video business, creating an exit opportunity for the company’s venture capital backers. Ceyuan Ventures, Qiming Venture Partners and Vision Knight Capital have invested in PPStream in the last seven...
Carlyle confirms appointment of Indonesia head
The Carlyle Group has confirmed the appointment of Rajiv Louis as managing director with responsibility for investment activity in Indonesia. He previously spent nearly 10 years at UBS, most recently serving as managing director and country head in Indonesia...
Have your say in the AVCJ China Awards
The China take-private, at least among companies listed in the US, is a relatively new phenomenon in private equity. As it stands, six - soon to be seven - deals have been successfully concluded and a further seven have received board approval, with only...
Canary in the coal mine: GP economics under stress
Still dealing with the fallout from a fundraising boom, mid-market PE firms in Asia face the prospect of smaller vehicles in coming vintages, and team volatility comes as part of the package
Singapore’s GIC backs BMC Software take-private
Government of Singapore Investment Corporation (GIC) is participating in the $6.9 billion take-private of US enterprise software provider BMC Software, led by Bain Capital and Golden Gate Capital. It is the third-largest global PE deal announced so far...
Baring Asia-owned Nord Anglia completes WCL bolt-on
Nord Anglia Education, an international schools operator owned by Baring Private Equity Asia, has completed the bolt-on acquisition of WCL Group for $222 million. The deal strengthens Nord Anglia’s presence in North America and the Middle East, taking...
VIDEO: Fiona Mackenzie of New Zealand Superannuation Fund
Emerging Asia will become a more significant part of New Zealand Superannuation Fund's private equity exposure, says Fiona Mackenzie, head of investments at the government-owned LP
Citi bags Australian PE banker from UBS
Citigroup has hired leading Australian private equity banker Aiden Allen from UBS.
Voting for the AVCJ China Awards closes today
Voting for the 2012 AVCJ China Private Equity & Venture Capital Awards closes today. Members of the region’s private equity community have until 6 p.m. Hong Kong time to decide on the leading fundraising, investments, exits, individuals and firms in...
Hahn & Co. to buy stake in South Korea’s STX Energy - UPDATE
Hahn & Co. has agreed to buy a 43.15% stake in STX Energy, a subsidiary of beleaguered South Korean conglomerate STX Corp. AVCJ understands that the transaction a couple of months away from completion, and the terms could change pending the resolution...
Macquarie-owned Taiwan Broadband gathers investors for IPO
Eight cornerstone investors have been lined up to take nearly one third of pay-TV operator Taiwan Broadband Communications’ Singapore IPO. The offering will allow two Macquarie funds that own Taiwan Broadband to exit their holdings.
Something special
It wasn't long ago that Chinese GPs would turn their noses up at any suggestion of specialization. Buoyed by a flood of capital into private equity, the growth capital space morphed into a giant deal shop, with private equity firms pursuing several times...
CITIC, CDH exit early days China SOE buyout
Two facts worth noting about Chinese private equity: first, there is almost always a willing strategic buyer for a well positioned domestic business; second, the vast majority of PE investments are for minority stakes so if the entrepreneur has set his...
Quadrant-backed Virtus Health launches IPO
Quadrant Private Equity-owned in-vitro fertilization (IVF) business Virtus Health launched its IPO road show on Monday. It is poised to be the largest equity offering since SCA Property in November last year and the biggest significant private equity-backed...
Australia’s IFM assumes control of Hastings PE fund – report
Australia’s Industry Funds Management (IFM) will reportedly assume control of Hastings Private Equity Fund II from Hastings Fund Management. According to AVCJ Research, IFM is among the LPs in the $180 million vehicle, which closed in June 2005 and...