Articles by Paul Mackintosh
CIC, KIC to invest in Chesapeake
Leading Asian SWFs the China Investment Corporation (CIC) and the Korea Investment Corporation (KIC) are reportedly joining a $900 million investment into heavily indebted US natural gas and energy company Chesapeake Energy.
Healthscope bidders raise price, nix breakup
The private equity bidders for ASX-listed hospital business Healthscope - still unconfirmed but widely reported as the Carlyle Group and TPG Capital - have raised their bid for the target to A$5.75 ($4.86) per share, totaling A$1.8 billion ($1.5 billion),...
Blackstone opens Oz office
The Blackstone Group has announced the opening of an office in Australia to capitalize on local LBO opportunities.
Edelweiss, Elephant join Axis Private Equity bidding
Two more bidders for Axis Private Equity, the private equity arm of Axis Bank, have been identified as Mumbai financial services group and special situations investor Edelweiss Capital and AIM-listed private equity firm Elephant Capital.
PEP bids against Hands for UK's Biffa
An investee of Australian buyout firm Pacific Equity Partners (PEP) is reportedly bidding against a rival backed by Guy Hands' Terra Firma Partners to acquire the landfill gas unit of UK waste management and waste power company Biffa.
IL&FS plans $300-350 million growth fund
Leading Indian private equity investor IL&FS Investment Managers Ltd. is targeting $300-350 million for a new growth equity fund, to commence raising at end 2010.
CX closes on $515 million
CX Partners, the Indian private equity firm headed by former CVC International India head Ajay Relan, has closed its debut fund at $515 million.
First Reserve gets large Calibre
Resources-focused private equity firm First Reserve Corp. has taken a 75%+ stake in Western Australian engineering firm Calibre Global, reportedly for at least A$100 million ($86 million).
CPPIB/OTPP reach end of road with Transurban
In what looks like the end of the road for the takeover bid by Canada Pension Plan Investment Board (CPPIB) and the Ontario Teachers’ Pension Plan (OTPP) for Australian toll road operator Transurban Group, the Transurban board rejected a higher offer...
Patient capital?
Going by some informal feedback to AVCJ, one could be forgiven for thinking that many LPs have learned nothing from the GFC.
IFC backs India contract manufacture with Craftsman
The International Finance Corporation (IFC), the private sector arm of the World Bank, will make a substantial equity investment in OEM manufacturing company Craftsman Automation Pvt Ltd in June, according to Indian reports.
IL&FS, Darby, others bid for Axis Private Equity
Six bidders, including veteran Indian private equity firm IL&FS Investment Managers and Darby Private Equity, as well as Aditya Birla Private Equity and Shapoorji Pallonji Group, are apparently bidding for Axis Private Equity, following parent Axis Bank's...
GOME's Huang goes directly to jail
Huang Guangyu, founder of Bain Capital investee GOME Electrical Appliances Holdings, has finally been convicted in Beijing on bribery and insider trading charges, after a protracted detention, and sentenced to 14 years in prison.
CIC invests Penn West oil sands
China Investment Corporation has continued the recent trend of PRC investment in Canada's northern oil sands regions, paying C$817 million ($801 million) for 45% of energy trust Penn West's Peace River project.
Infrastructure Q&A: Luis Miranda
Luis Miranda, President and CEO of IDFC Private Equity, talks about the Indian infrastructure opportunity, and international interest.
Showdown at GOME
The strength - and limits – of founder control in PRC investee companies received a sharp demonstration last week as major shareholders ostensibly connected to Huang Guangyu – founder of GOME Electrical Appliances and at that point awaiting trial in China...
GE, CNOOC plan JV fund
PRC petrochemicals giant China National Offshore Oil Corp. (CNOOC) and General Electric Co. are in discussion to create a 50:50 JV private equity fund in the RMB3 billion ($440 million) range, according to PRC press reports.
Mayfield exits Servomax to founders
Mayfield is planning to sell its stake in power equipment company Servomax India Ltd., bought for $3.75 million in 2008, back to the founders.
Two for Foundation in India education with Tree House, Aspire deals
US early stage fund Foundation Capital has led two new Series B investment rounds in India: an $8.8 million commitment to education company Tree House Education and Accessories, with Matrix Partners India, and a $4.5 million round for education and HR...
CVC flies into Stella/Jetset stock merger
CVC Capital Partners has had a public markets exit of sorts on its Australian travel investee Stella Travel Services through an all-share merger with listed industry peer Jetset Travelworld, creating a 50:50 JV listed business worth some A$440 million...
SAIF eyes June close, major RMB fund
SAIF Partners is close to the long-anticipated $1 billion close of its SAIF Partners IV fund, expecting a result by end June, and is planning its biggest RMB fund to date as a follow-on, according to reports.
Strong 3i results see higher prices but team growth in Asia
Speaking on much-improved full-year results from 3i Group plc, Michael Queen, 3i CEO, said that Asia had been a not so significant short-term contributor to the company's improved performance due to high entry prices, but that 3i has firm medium-term...
Norway's NMI supports Chennai microfinance
Norway's NMI Frontier Fund has joined existing investors International Finance Corporation (IFC), Swedfund (the Swedish Development Finance Institution), and Aavishkaar Goodwell, committing $900,000 into Belstar Investment and Finance, a Chennai microfinance...
Fidelity India invests Punj Lloyd arm
Fidelity Growth Partners India has invested an undisclosed sum for a minority stake in energy and infrastructure engineering services company PL Engineering, a division of leading conglomerate Punj Lloyd.