Articles by Tim Burroughs
Comply or die? GPs, technology and reporting standards
Fund managers are dealing with the challenges of an increasingly demanding LP base. Asian GPs looking for institutional money must invest in compliance or rely on their track records to carry them through
Spotless suspends shares ahead of news on PEP buyout bid
Spotless Group has suspended trading of its shares ahead of an announcement regarding Pacific Equity Partners’ (PEP) buyout offer for the cleaning services company. The private equity firm has reportedly improved its bid to A$745 million ($766.7 million)...
Global Environment Fund hires ex-IDFC PE chief Luis Miranda
Luis Miranda, founder of Infrastructure Development Finance Co’s (IDFC) private equity business, has joined Global Environment Fund (GEF) as a senior advisor. Based in Mumbai, Miranda will contribute to GEF’s private equity investments in India and...
Washington State Investment Board re-ups in FountainVest
Washington State Investment Board has committed $150 million to FountainVest China Growth Capital Fund II. FountainVest Partners, set up by former Temasek Holdings executives in 2007, raised $950 million for its first vehicle four years ago and is targeting...
HarbourVest to open Beijing office
HarbourVest Partners plans to open a Beijing office and has appointed Sally Shan to lead its operations in mainland China. Shan, who previously served as managing director and head of Asia technology investment banking at J.P. Morgan Securities Asia Pacific,...
Thakral board likely to reject Brookfield’s $424m buyout offer
The board of Thakral Holdings, the Australian hotel, retail and commercial property investor, is expected to reject a A$409.8 million ($424.2 million) takeover bid from Brookfield Asset Management. The Canadian private equity firm already owns a substantial...
India considers capital gains tax cut for PE investors – report
India’s Finance Ministry is reportedly considering a move to halve the long-term capital gains tax imposed on private equity investors to 10%. It is seen as an effort to shore up PE interest at a time when there is considerable uncertainty about the...
Bright Food, Lion Capital in talks over Weetabix sale – report
China’s Bright Food Group is being lined up as a potential buyer for Weetabix, the UK-based cereal company currently owned by Lion Capital. The private equity firm has reportedly been in talks with Bright Food for several weeks over a deal that would...
Citi hires Abraaj executive to steer Pakistan business
Abraaj Capital’s Nadeem Lodhi has been appointed as head of Citigroup’s operations in Pakistan. Lodhi was previously a principal at Dubai-based Abraaj, taking responsibility for the firm’s sub-Saharan Africa business.
KKR, Goldman invest $53m in India’s TVS Logistics
KKR has agreed to invest $47 million in TVS Logistics, an Indian supply chain manager that services the auto, distribution, electronics and component manufacturing industries. As part of the transaction, existing investor Goldman Sachs will inject a further...
Bain, TPG ask for Lilliput audit report to be made public
Bain Capital and TPG Capital filed an application with Delhi High Court Thursday, requesting that an interim report by a court-appointed independent auditor on portfolio company Lilliput Kidswear be made public. The private equity firms have been in conflict...
Sumitomo Mitsui halves target for Japan fund – report
Sumitomo Mitsui Trust has cut the target for its latest private equity fund by half. It follows a similar move by Unison Capital and is seen as symptomatic of the difficult investment environment in Japan.
Australia’s Hyperion to enter the private equity space
Australian hedge fund manager Hyperion Asset Management plans to enter the private equity space with the launch of A$200 million ($208 million) fund. It will seek minority positions in businesses with an EBITDA of around A$5 million, which rank second...
Blackpeak appoints ex-Control Risks executive in Shanghai
Risk advisory firm Blackpeak Group has opened an office in Shanghai and appointed Max Hirsch to head up its operations in the city. Formerly a member of Control Risks’ corporate investigation practice, Hirsch will work with Nick Blank and Jack Clode,...
General Atlantic raises $129m through Zhongsheng sale
General Atlantic completed its third partial exit from Zhongsheng Group, a Chinese luxury car dealer, raising $129 million. The private equity firm sold 65 million shares at HK$15.33-15.54 apiece, representing a discount of up to 4.3% on the previous...
Maui Capital raises one third of capital for new fund
New Zealand’s Maui Capital has so far received commitments of NZ$92 million ($75.5 million) from institutional investors for its latest fund, which has a target of NZ$250 million. The vehicle is the same size as its predecessor, the 2008 vintage Maui...
KKR takes 24% stake in China blood banker
It is a newborn child's first-ever insurance policy: Cord blood, rich in stem cells, is taken from the umbilical cord shortly after birth and placed into storage, only to be used if the child is later stricken by a serious illness. Cord blood can help...
CVC seizes rare chance to buy HK telecom asset
Private equity mega-deals are a comparative rarity in Hong Kong. Discount pre-IPO investments in large Chinese state-owned enterprises and one is left with a number of significant minority transactions and barely a handful of buyouts. Until last week,...
TA continues India spree by backing BillDesk
TA Associates' decision to establish a permanent India presence appears to be paying off. The firm’s first investment in the country was completed in 2006 but four of its five deals have come since the Mumbai office opened in late 2009. BillDesk, an...
First quarter analysis: Asia struggles to locate its exits groove
Little to cheer in the exit landscape; China growth deal pipeline continues to weaken; India telecom tower buyout not a sign of things to come
Playing the Asia expectations game
The institutional LPs that attend AVCJ events are a mixed bunch. A few maintain a presence in Asia and are clued up as to the up-and-coming markets and managers, key investment opportunities and general fundraising climate. Another group comprises frequent...
VIDEO: Pacific Equity Partners' Anthony Kerwick
The challenge facing private equity investors globally is twofold, says Anthony Kerwick, managing director at Australian GP Pacific Equity Partners. First, the operating environment today is very different from that of five years ago, which means the...
KKR in new push for MMI IPO – report
KKR has reportedly revived plans to exit MMI International, the precision-engineering company it took private in 2007, through a Singapore IPO. The offering could generate $400-500 million, but it is unclear how much of its holding the private equity...
Carlyle targets $762m in IPO
The Carlyle Group is seeking to raise as much as $762.5 million through its initial public offering. This would value the company at up to $7.6 billion, less than half the current market capitalization of The Blackstone Group and more than $2 billion...