Articles by Tim Burroughs
PAG commits $250m to NASDAQ-listed Funtalk China
PAG Asia Capital has agreed to invest $250 million in Funtalk China Holdings, a NASDAQ-listed company that controls Chinese subsidiaries involved in the distribution and retail of mobile phone handsets, accessories and content.
Temasek hires BofAML executive Tan Chong Lee
Temasek Holdings has poached Tan Chong Lee from Bank of America-Merrill Lynch (BofAML). The sovereign wealth fund confirmed the appointment but didn’t provide details of the role. Sources told Reuters that Tan, who was BofAML’s Southeast Asia head...
Anacacia Capital fund named world’s top performer
A vehicle launched by Australia’s Anacacia Capital has been named the top performing fund globally by Pensions and Investments magazine. Anacacia Partnership I, which closed in 2007, was judged to be the outstanding performer out of funds raised between...
Investigators seek details on all DE Shaw India deals – report
Indian investigators probing alleged foreign exchange irregularities relating to an investment made by DE Shaw have asked the Foreign Investment Promotion Board (FIPB) for details of all domestic entities that received funding from the private equity...
PE-backed spices firm VKL in talks with Olam
Indian spices processor Vallabhadas Kanji (VKL), of which Argonaut Private Equity and Ascent Capital are minority backers, is close to securing a strategic investment agreement with agricultural commodities giant Olam.
NEA considering Flipkart investment - report
NEA, the US venture capital firm is considering an investment in Bangalore-based Flipkart, an online retailer of books, mobile phones and other consumer goods. Investment bankers familiar with the situation told The Business Standard that the company...
Bain denies talk of potential Gome exit
Bain Capital has said it plans to remain a long-term investor in Gome Electrical Appliances Holding, scotching reports in August that it had appointed a bank to arrange the sale of its shares. Bain owns 10% of the company, having invested $420 million...
Innovation Works closes China internet fund at $180m
Innovation Works, the tech incubator started by Google’s former China head Kai-fu Lee, has closed its debut fund at $180 million. The vehicle, which specifically targets Chinese internet companies, was oversubscribed, the company said.
Australia’s private equities continue to outperform public
Private equity in Australia outperformed public markets in the first quarter of 2011, continuing a trend that dates back nearly a year. The Australia Private Equity and Venture Capital Index (APEVC Index), published by Cambridge Associates, delivered...
Tenaya Capital leads SMS GupShup’s $10m Series E round
San Francisco-based venture capital firm Tenaya Capital has led the $10 million Series E round of financing for SMS GupShup, an Indian social networking company. The company plans to use the funds to add new senior management who can help it expand and...
Insecticides India seeks $15m in expansion capital
Insecticides India hopes to raise around INR700 million ($15.3 million) through a qualified institutional placement of shares of a private equity round of financing to support its expansion plans. Rajesh Aggarwal, the company’s managing director, said...
ChrysCapital accumulates 7.2% stake in NCC
ChrysCapital has bought a 7.2% stake in NCC, an Indian construction company backed by Blackstone Group, for INR1.37 billion ($30 million). The purchases – 18.5 million shares in total – were made on the open market by ChrysCapital unit Warhol between...
PE firms sell down Whitehaven Coal stakes
First Reserve Corp., an energy-focused PE investor, and AMCI International have sold A$390 million ($416 million) of shares in Australian miner Whitehaven Coal, prompting a 5% fall in its share price on Wednesday. The partial exits come after Whitehaven...
Mongolia fund to make first investment by October
The Mongolia Opportunities Fund is looking to make its first investment by the end of October. Batsaihan B. Jamichoi, the former Uniqlo executive who started the fund, told Bloomberg that he is targeting infrastructure and service provider in the mining...
Bain buys MYOB as markets sink Sage bid
Recent turbulence in the global markets did private equity a favor last week as Bain Capital emerged as the unlikely victor in the auction for Australian accounting software firm MYOB. Bain and KKR had for several weeks been regarded as the frontrunners...
Carlyle backs Indian affordable housing firm
The Carlyle Group's $26 million commitment to Value & Budget Housing Corporation (VBHC) last week is significant in that it marks the affordable housing developer’s graduation to the investment mainstream. The company was founded in 2009 by what Shankar...
Hahn & Company closes first fund
Hahn & Company, the South Korea-focused private equity firm founded by Scott Hahn, formerly Morgan Stanley Private Equity (MSPE) Asia’s (MSPEA) chief investment officer, has recorded a final close on its first fund, reaching the hard cap of $750 million....
Australia pursues Myer profits offshore
No one expects the ATO to get far in its attack on TPG’s Luxembourg and Cayman entities
AXA, LGT buy $901m in secondary assets from German bank
AXA Private Equity and LGT Capital Partners have acquired a EUR620 million ($901 million) private equity portfolio from Germany’s HSH Nordbank. The portfolio is said to include stakes in about 47 private equity funds, including European vehicles managed...
ANZ in talks to buy Cerberus’ Aozora Bank stake – report
Australia and New Zealand Banking Group (ANZ) has begun negotiations to buy Cerberus Capital’s 50% stake in Aozora Bank, Reuters reported, citing two sources familiar with the situation. ANZ is said to be attracted by the Japanese lender’s strong...
Investors demand greater transparency from GPs - survey
Institutional investors are increasingly turning to private equity for returns, but they expect greater transparency from GPs. According to a survey report released by SEI in collaboration with Greenwich Associates, fund management need to demonstrate...
Nomura appointed to oversee sale of Tokyo Star Bank
Lone Star Funds and its fellow creditors have hired Nomura to sell off Tokyo Star Bank, The Wall Street Journal reported, citing people familiar with the matter. Lone Star sold the asset to Advantage Partners (AP) less than four years ago but resumed...
Bank of America raises $8.3b in partial exit from CCB
Bank of America (BofA) on Monday sold about half its 10% holding in China Construction Bank (CCB), raising $8.3 billion. The lender, which is in the process of shedding non-core assets and boosting its tier-one capital, sold 13.1 billion shares to group...
Beacon, Mirah Hospitality back Indian fine dining chain
Beacon India Private Equity has invested INR80 million ($1.7 million) in Impresario Entertainment and Hospitality, which operates fine dining restaurants Mocha and Smoke House Deli. The firm’s contribution comes alongside a INR400 million commitment...