Articles by Tim Burroughs
KKR to buy convertible bonds in Chinese water treatment firm
KKR has agreed to invest $113.8 million in convertible bonds issued by United Envirotech (UEL), a Chinese water treatment and recycling services provider. The deal could see the US private equity firm take a stake of around 38.4% in the firm.
Avendus to launch fund targeting listed companies
Avendus PE Investment Advisors plans to raise a fund worth up to $200 million to target mid-size listed companies in India, Reuters reported. This would be the third fund launched by the firm, a unit of financial services player Avendus Capital.
Punjab National Bank to take 30% stake in MetLife India
Punjab National Bank (PNB) will take a 30% stake in MetLife India, an insurer that counts M Pallonji Enterprises, Jammu Kashmir Bank, IGE and several private equity firms among its shareholders. M Pallonji is also believed to be part-owned by GS Strategic...
LVMH’s private equity arm makes first investment in India
L Capital Asia, the private equity arm of LVMH Group, has made its first investment in India, picking up a 25.5% stake in Genesis Luxury Fashion for an undisclosed sum. The investment will be executed in two tranches.
Lombard exits stake in Thai auto parts manufacturer
Lombard Investments has exited its stake in Thailand-based auto parts manufacturer Somboon Advance Technology (SAT), earning a 3.5x return on its investment.
UBS to launch private equity funds in China
UBS has set up an asset management unit in Beijing that will target private equity, Reuters reported. The unit, known as UBS Global Asset Management (China), will launch private equity funds, make direct investments and provide management and advisory...
Franklin Templeton to invest in Mumbai’s Kimaya Fashions
Franklin Templeton will buy a 20% stake Mumbai-based retailer Kimaya Fashions for about INR600 million ($13.5 million), The Economic Times reported, citing people familiar with the situation. The company has confirmed the investment but not the size of...
Mandolin raises its stake in beleaguered Sino-Forest to 15%
Singapore-based Mandolin Fund has increased its stake in scandal-hit Chinese forestry company Sino-Forest to nearly 15%. The fund’s announcement on Wednesday that it had bought a further 5.3 million shares on July 26 saw the Toronto-listed stock close...
GE Capital, Mitsui to target US commercial finance assets
GE Capital and Tokyo-based Mitsui will create an investment management program through which they will co-invest in US commercial finance assets. They also plan to explore global opportunities in areas such as financing for original equipment manufacturers...
Cargotec set to buy Carlyle’s stake in China Crane
Finland’s Cargotec will acquire The Carlyle Group’s 49% stake in China Crane Investment Holdings in connection with a joint venture it has agreed with Jiangsu Rainbow Heavy Industries (RHI).
SMBC VC to launch fund targeting small Japanese firms
SMBC Venture Capital, a member of Sumitomo Mitsui Financial Group (SMFG), will launch a JPY14 billion ($178.3 million) fund aimed at helping small, owner-run firms make shareholder and structural changes, Nikkei reported.
Carlyle in third China Pacific sell-down since December
The Carlyle Group is selling nearly one-third of its stake in China Pacific Insurance for up to $1 billion, according to a term sheet seen by Dow Jones Newswires. The transaction would be the latest in a series of sell-downs that have put the private...
Catamaran, Nexus commit $9m to Bigshoebazaar’s Series B round
Catamaran Ventures and Nexus Venture Partners have participated in a Series B round of financing worth INR400 million ($9 million) for Bigshoebazaar India.
Is China pushing VCs out of third-party payment?
New regulations on foreign participation in third-pa-rty payment in China have called seemingly safe investment structures into question
Blackstone closes in on third India power deal
In August 2010, Akhil Gupta, chairman and managing director of Blackstone India, said the private equity firm “would not hesitate” to invest $1 billion in the country’s power sector if attractive deals presented themselves.
CIC announces 11.7% return on global investments for 2010
China Investment Corp. (CIC) saw a 11.7% return on its offshore investments in 2010, a year in which its exposure to alternative investments – such as private equity, hedge funds, real estate and infrastructure – increased sharply to 21% from 6% in...
GIC announces improvement in returns over last fiscal year
The Government of Singapore Investment Corp (GIC) said returns on its portfolio increased during the fiscal year ending March 2011 as equities markets improved, but warned that global economic uncertainties continue to pose a significant risk.
PE-backed IPOs reach four-year high in second quarter
Chinese and Indian firms contributed $2.7 billion of the $17.2 billion raised through IPOs by private equity-backed companies worldwide in the second quarter of 2011, according to Ernst & Young. The proceeds, which came from 45 offerings, represent the...
Blackstone closes in on its third Indian power sector deal in 15 months
Blackstone Group has signed a definitive agreement to pay INR500 crore ($111 million) for an approximate 25.2% stake in the power generation arm of Kolkata-based conglomerate Visa Group. It is the private equity firm’s third investment in India’s...
INCJ participates in Toshiba buyout of Switzerland’s Landis+Gyr
Innovation Network Corp. of Japan (INCJ), a government-backed private equity firm, will pay $680 million for a 40% stake in Swiss electronic-metering company Landis+Gyr. It is a joint acquisition with Toshiba Corp. taking the remaining 60% of the target...
KEXIM to sell KEB stake as part of Lone Star transaction
Export-Import Bank of Korea (KEXIM) will sell a 6.25% stake in Korea Exchange Bank to Hana Financial Group as a “tag along” to Hana’s purchase of Lone Star’s holding in the bank, according to Yonhap, a South Korean news agency. The tag along right...
Audit concerns highlighted at two more Carlyle firms in China
Auditing procedures and financial controls have been called into question at China Energy Recycling and Concord Medical Services, both of which are in The Carlyle Group’s China portfolio, Reuters reported. This comes after fraud investigations at China...
CICC tipped to acquire stake in Chinese trust company
China International Capital Corp. (CICC) is poised to buy a stake in Zheshang Trust, stretching its financial industry scope to include the country’s innovative yet opaque trust sector. The company, which is part-owned by TPG Capital and KKR, will likely...
China launches first car-focused private equity fund
China’s first auto sector-focused private equity fund is looking to raise RMB30 billion ($4.6 billion) and hopes to close its first deals in August, the Financial Times reported.