Articles by Tim Burroughs
NewQuest-led group seeks removal of China Hydro directors
An investor group led by NewQuest Capital Partners is calling for the removal of five directors of China Hydroelectric Corporation, citing strategic and operational issues at the company and the apparent lack of credibility and accountability on the board....
Anchorage buys Dick Smith Electronics from Woolworths
Anchorage Capital Partners will buy Australian supermarket chain Woolworths’ Dick Smith Electronics unit for an initial A$20 million ($18 million) plus a share of any upside resulting from the private equity firm exiting the asset. The divestment comes...
Bankrupt Woongjin halts $1.1b Coway sale to MBK
MBK Partners’ KRW1.2 trillion ($1.1 billion) investment in water purifier business Woongjin Coway appears to be on shaky ground after parent company Woongjin Holdings filed for court receivership on Wednesday and put the deal on hold.
Moogwi Kim leaves Asia Alternatives
Moogwi Kim, an investment associate at fund-of-funds Asia Alternatives, has left the company. He plans to spend a year studying in France and Singapore before returning to the market in 2014.
Australia’s CHAMP PE secures $206m Southeast Asia deal
CHAMP Private Equity has acquired a significant minority stake in shipping services provider Miclyn Express Offshore (MEO) from Macquarie Capital Group for around A$199 million ($206 million). It represents another step in the Australian GP’s strategy...
Shenzhen Capital, New Margin fund Chinese sex toy retailer – report
Shenzhen Capital and New Margin Ventures have reportedly provided RMB300 million ($47.4 million) in Series A funding to Adam & Eve, a Chinese sex toys retailer. The company claims to be the first in its segment to receive approval from the State Food...
NVP, Sequoia lead Series A round for India’s Capillary Technologies
Norwest Venture Partners (NVP) and Sequoia Capital have led a $15.5 million Series A round of funding for Capillary Technologies, an India-based cloud computing services provider. Existing investor Qualcomm Ventures also participated.
Alibaba in bumper Yahoo buyback
New and existing private equity investors acquire much-sought-after stakes in Alibaba Group as the e-commerce firm repurchases part of Yahoo’s stake in a $7.6 billion deal
Launching the 2012 AVCJ India Awards
India sees relatively few big-ticket private equity deals outside the infrastructure space. As such, Bain Capital’s $851 million investment in Hero Honda Motors last March, was an outlier – and by far the largest buyout of 2011.
Nominations for the 2012 AVCJ Awards close today
Nominations for the 2012 Asian Private Equity & Venture Capital Awards close on Friday. We invite you to take this last chance to acknowledge the leading fundraises, investments, exits, individuals and firms over the last 12 months.
Orix named preferred bidder for Korea’s STX Energy
Japan’s Orix Corp. has been selected as the preferred bidder for a significant stake in STX Energy, an unlisted affiliate of South Korean conglomerate STX Group.
China, India companies beat PE to Digital Domain assets
China’s Galloping Horse Film and India’s PE-backed Reliance MediaWorks have teamed up to acquire assets from Digital Domain Media Group, the distressed Hollywood special effects company, for $30.2 million. The Sino-Indian joint venture easily outmatched...
Asia Alternatives’ Alexa Zhang joins Wilshire
Investment consultancy Wilshire Private Markets has appointed Alexa Zhang as managing director, with responsibility for the firm’s Hong Kong office. Zhang joins from fund-of-funds Asia Alternatives where she served as a director, focusing on Greater...
Indian regulator receives 20 applications for AIF approval
The Securities and Exchange Board of India (SEBI) has received 20 applications from fund managers for Alternative Investment Fund (AIF) status, the new regulatory classification designed to improve oversight of private equity, real estate and hedge fund...
Carlyle’s General Lighting completes Malaysia acquisition
General Lighting (GLC), a Saudi Arabia-based portfolio company of The Carlyle Group, has agreed to buy Davex, Malaysia’s largest lighting fixtures manufacturer and supplier, for MYR183 million ($60 million). The company sees the acquisition as a platform...
Indiareit raises $46m for India redevelopment fund
Indiareit Fund Advisors, a real estate investor backed by Indian entrepreneur Ajay Piramal, has raised INR2.5 billion ($46 million) for a fund targeting redevelopment projects in Mumbai. The firm expects to reach a final close of up to INR5 billion in...
Baker & McKenzie's global PE head to join King & Wood Mallesons - report
Baker & McKenzie’s global head of private equity, Mark McNamara, is reportedly leaving the firm to join King & Wood Mallesons in a similar role.
PE-backed M&A in Asia reaches $22b in first nine months
Private equity-backed M&A in Asia Pacific ex Japan reached $22.2 billion in the first nine months of 2012, down 17% year-on-year, according to Thomson Reuters. However, the third quarter was comparatively active, with total deals worth $11 billion, up...
Carlyle cautious on China prospects
William Conway, co-CEO of The Carlyle Group, has said the private equity firm is less confident about its prospects in China due to slowing economic growth and increased competition.
Headland names Raffini, Thompson as chairman and CEO
Headland Capital Partners has appointed George Raffini as chairman and Marcus Thompson as CEO. They were previously joint managing partners of the private equity firm, having led a spin out from HSBC in 2010.
TPG’s Billabong rival abandons bid
TPG Capital’s rival bidder for Australian surfwear company Billabong International has dropped out of the running. Billabong only identified the group that offered to match TPG’s A$694 million ($709 million) buyout bid as a private equity firm. According...
CVC’s Australia head resigns
CVC Capital Partners’ Adrian MacKenzie, the managing partner responsible for investments in Australia, has resigned. The move comes as the private equity firm prepares to write off almost the entire A$1.9 billion ($1.97 billion) in equity that was pumped...
Buyout firms optimistic about Japan again
A couple of weeks ago, I wrote about the signs of positive change in the Japanese private equity industry and that we can be optimistic again about the country (See page 3 of the September 4th edition of AVCJ). This view has more or less been shared by...
PE firms, sovereign funds support Alibaba’s Yahoo buyback
China Investment Corporation (CIC), Boyu Capital, CITIC Capital and CDB Capital participated in a $3.9 billion equity issue by Alibaba Group alongside existing investors including Silver Lake, DST Global and Temasek Holdings. The financing was used to...