Articles by Tim Burroughs
Innovation Works closes first fund
Tech incubator Innovation Works arose to fill a perceived void in the Chinese market – new business ideas were in abundance but there wasn’t enough capital to get them off the ground. Company founder Kai-fu Lee told AVCJ’s China summit in May that...
PAG backing takes Funtalk China private
PAG Asia Capital's $250 million commitment to Funtalk China Holdings cements the fourth privatization of a US-listed Chinese firm in the space of five weeks. In total, six management teams – often backed by private equity – have closed buyout transactions...
TPG, Northstar in cross-investment deal
What does it say about the shifting sands in private equity when an Asian GP is able to get a stake in a global buyout firm? Indonesia-based Northstar Pacific has achieved just that through a cross-investment deal with TPG. The US firm will take 10-20%...
Chinese outbound M&A: Unfamiliar territory
Ever more Chinese firms are engaging in overseas M&A, with varying degrees of success. Prospective sellers must be aware of the risks as well as the opportunities
Abu Dhabi Investment Authority to boost PE exposure
The Abu Dhabi Investment Authority (ADIA) is scaling up its private equity activities with a view to doubling its headcount in this area, The Al Arabiya News reported, citing sources familiar with the situation. The sovereign wealth fund currently has...
Buyout firms structure Australia investments through Singapore
Singapore has emerged as the preferred conduit for private equity firms looking to enter and exit investments in Australia from offshore. CHAMP Private Equity and TPG are understood to be among those to have set up Singapore structures in the wake of...
General Atlantic backs Chinese tea company's IPO
General Atlantic has committed around $54.3 million to Chinese tea company Tenfu Holdings’ $182 million IPO in Hong Kong. The US private equity firm agreed to come on board as a cornerstone investor, taking about 73 million shares at HK$5.8 apiece,...
Clearwater raises $200m, targets $900m for Asia fund
Clearwater Capital Partners has so far raised $200 million for its fourth Asia ex-Japan fund, which will target special situations investments in public and private debt and equity. The company is aiming for a final close of around $900 million, a source...
US court widens collusion probe of 2005-2007 mega deals
The mega “club deals” between some of the big global buyout firms during the 2005-2007 boom period have been put under wider scrutiny in a US antitrust lawsuit. The four-year-old case accuses 11 firms, including Blackstone Group and KKR, of colluding...
PE investment outpaces IPO fundraising by 60% in last six years - report
Private equity and venture capital investment in India reached nearly $50 billion in the last six years compared to $31 billion raised through IPOs during the period, according to a report published by Grant Thornton and the Indian Private Equity and...
GIC hires J.P. Morgan's Khullar as a fund manager
Government of Singapore Investment Corp. (GIC) has hired Arjun Khullar from J.P. Morgan as a fund manager. Khullar has spent 16 years at the US investment bank, most recently as head of international listings in London. Prior to that, he was co-head of...
South African insurer to buy 26% stake in Shriram Capital
Some private equity investors in Shriram Capital (SCL) will be granted an exit opportunity as a result of South African insurer Sanlam’s acquisition of a 26% stake in the company. The deal is estimated to be worth INR20 billion ($430 million), with...
SAIF Partners India backs Manpasand Beverages
SAIF Partners India has invested $10 million in Manpasand Beverages, a juice maker and distributor based in Vadodara. The deal is the latest in a string of private equity transactions in India’s food and agriculture space, The Economic Times reported.
ANZ no longer in talks to buy Cerberus’ Aozora stake
Australia and New Zealand Banking Group (ANZ) has ended discussions over a potential investment in Aozora Bank. Talks with Cerberus Capital concerning its 50% stake in the Japanese lender floundered at an early stage because the two sides could not agree...
AVCAL releases private equity governance code
The Australian Private Equity and Venture Capital Association (AVCAL) has released a governance code designed to improve transparency in the private equity industry. The code is intended to formalize industry best practice and all AVCAL members will be...
TPG, Northstar reach share-swap agreement
TPG and Northstar Pacific, the Indonesian buyout group with which TPG already has strong ties, are to do a share swap. TPG will take a 10-20% stake in Northstar, which will then receive a less than 5% interest in the US firm, The Financial Times reported.
PEP hires banks to advise on Griffin’s Foods sale – report
Pacific Equity Partners (PEP) has appointed investment banks to advise on the potential sale of Griffin’s Foods, a New Zealand-based snack food business. It is thought the company could be sold for up to $750 million, including debt, Reuters reported,...
KKR-backed Seven West Media looks into debt refinancing
Australia’s Seven West Media, which is part-owned by KKR, is assessing bank proposals to refinance up to A$2 billion ($2.1 billion) of debt. Sources familiar with the situation told Reuters that several banks have bid to underwrite 3-5 year funding...
Carlyle files for IPO but listing not expected until 1H 2012
The Carlyle Group made its IPO filing on Tuesday but volatility in the global markets means the offering is unlikely to happen until the first half of 2012.
CVC considers refinancing options for Nine Entertainment
CVC Asia Pacific is looking into refinancing options for up to A$3.5 billion ($3.7 billion) in debt on the books of portfolio company Nine Entertainment. Sources told Reuters that – contrary to earlier reports – the private equity firm is not yet...
Tim Chang leaves Norwest for Mayfield
Mayfield Fund has recruited Norwest Venture Partners’ Tim Chang as managing director. He will become the private equity firm’s sixth current investing managing director and take charge of the investment practice in China.
Japanese outbound M&A: Strategic imperative
Japanese food and beverage companies are on the acquisition trail as they seek to ease dependence on local markets. It’s a tough time for PE buyers, a great time for PE sellers
PE firms struggle to secure Woori stake
With the auction of the government’s stake in Woori Financial Group stalled again, questions are being asked about the compatibility of banks and private equity in Korea
Asia Pacific SWFs, public pension funds hold 25% of global AUM
Asia Pacific sovereign wealth funds and public sector pension funds now account for $3.2 trillion in assets under management, 25% of the global total.