HSBC PE Asia spins out to management
HSBC has followed through on its plan, first discussed internally in June this year, to spin out its private equity divisions, at least in Asia, with the sale by HSBC Holdings of 80.1% of HSBC Private Equity (Asia) Ltd. to Foci Holdings, an SPV backed by the management team of HSBC Private Equity, for around $18.8 million.
The transaction apparently includes the HSBC Asian Ventures unit and is conditional on approval from existing LPs in the HSBC PE Asia funds. However, according to AVCJ industry feedback, up to 40% of the...
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