New York makes an unexpected reappearance as the preferred IPO destination for Asian companies; the growth-stage tech investment revival continues; KKR lights up lackluster fundraising environment
Coupang’s bumper IPO has underlined the appeal of a Korean e-commerce industry characterized by chaebols playing catch-up and PE and VC investors looking to profit at the margins
Affirma Capital has reached a first close of KRW443 billion ($403 million) on its fifth Korea-focused fund, while simultaneously announcing a $181 million investment in SK Telecom’s mobility business.
Brii Biosciences, a three-year-old Chinese biotech start-up that has raised approximately $415 million in private funding from the likes of Sequoia Capital China, Boyu Capital, and Yunfeng Capital, has filed for a Hong Kong IPO.
Gupshup, an India-based messaging services provider that helps corporate customers execute marketing strategies, has raised $100 million in funding at a valuation of $1.4 billion.
Orami, an Indonesian mother-and-baby-focused e-commerce platform backed by numerous venture capital investors, has been acquired by Sirclo, a local e-commerce enabler. Financial details were not disclosed.
Baring Private Equity Asia has invested $100 million in Hutchison China MediTech (HutchMed), a US and London-listed drug discovery business that has two fully commercialized oncology products in China.
China-based food and agriculture specialist Hosen Capital has closed its third US dollar-denominated fund above target at $800 million.
Trax, a Singapore-headquartered start-up that uses computer vision technology to help retailers link sales to in-store and on-shelf positioning, has secured $640 million in Series E funding led by SoftBank Vision Fund 2 and BlackRock.
Toshiba Corporation has confirmed it received a buyout offer from CVC Capital Partners. Based on a reported valuation of $20 billion, it would be the largest acquisition by a private equity firm in Asia.
Creador has completed a third exit – with a 3.7x multiple and a 32% IRR – from its third South and Southeast Asia-focused fund, selling a minority position in Indian pharmaceutical company Corona Remedies to ChrysCapital.
L Catterton has invested JPY20 billion ($182 million) in PHC Holdings Corporation, a Japanese healthcare business – formerly known as Panasonic Healthcare – backed by KKR.
KKR has closed its fourth pan-Asian fund at $15 billion – the largest US dollar-denominated private equity vehicle ever raised for the region and the largest raised by KKR globally by number of LPs.
Source Code Capital has confirmed a final close of $1 billion on its latest set of US dollar-denominated funds, which takes the Chinese venture capital firm’s total assets under management to $2.5 billion.
Japanese payments start-up Paidy has raised $120 million in Series D funding from JS Capital Management, Soros Capital Management, Tybourne Capital Management, and Wellington Management.
FountainVest Partners and ClearVue Partners have led a $220 million funding round for Plus, a China-based autonomous driving technology developer that specializes in trucks.
Trustar Capital, a Chinese middle-market private equity firm until recently known as CITIC Capital, is complementing its flagship buyout strategy with a growth capital-oriented fund.
Qingsong Fund, a Chinese venture capital firm formed by Xiaosong Liu, an angel investor and co-founder of Tencent Holdings, has closed its fourth renminbi-denominated fund with RMB1 billion ($153 million).
AVCJ's daily bulletin is taking a short break for the Easter holiday. Publication will resume on April 7.
KKR’s $3.5 billion sale of Japanese semiconductor industry supplier Kokusai Electric to US-listed Applied Materials has fallen through due to regulatory approval issues in China.
IMM Private Equity has agreed to sell its 40% stake in Taihan Electric Wire, a Korea-based manufacturer of high-voltage cables to Hoban Construction for KRW251.8 billion ($222 million).
City University of Hong Kong plans to invest $64 million in creating 300 start-ups over the next three years, offering students and staff a more structured route to commercializing academic research
When Affinity Equity Partners was drawing up plans for JobKorea, it found Seek’s product innovations in Australia a useful reference point. This gave context to a $795 million acquisition
With the launch of its third fund a few weeks away, IvyCap Ventures leveraged strong investor interest in beauty e-commerce player Purplle to secure one of India’s largest rupee VC exits