Exits
Warburg Pincus returns $2b from China portfolio in 2019
Warburg Pincus generated distributions of $2 billion from its China investments last year, a record annual total for its local operation.
4Q analysis: On trend
The last three months of 2019 were consistent with the preceding nine as pan-regional fundraising remained weak and exits continued to disappoint. Only investment rebelled against the status quo
French GP exits Singapore's JustCo with 8x return
France-based GP Tikehau Capital has exited its stake in Singapore workspace provider JustCo, achieving a net profit of S$27.7 million ($20.5 million) and an 8x return multiple.
Reliance buys majority stake in India's NowFloats
Indian conglomerate Reliance Industries has agreed to buy an 85% stake in local enterprise IT provider NowFloats for INR1.4 billion ($20 million). It positions several VCs to exit.
Deal focus: EQT fulfills Laobaixing's prescription
EQT spent 11 years helping Chinese pharmacy chain Laobaixing evolve from large-format laggard into a focused and efficient operator that meets the needs of modern customers. It has now exited with a 7.7x return
China's Sailing exits as US GP backs Maldives resort chain
Chinese cross-border private equity firm Sailing Capital has exited its position in Soneva, a Thailand-based luxury hotel operator known for its Maldives resorts, following the sale of a significant minority stake to US-based KSL Capital Partners.
CVC set to exit Indonesia's Link Net
CVC Capital Partners is poised to complete its exit from Indonesia broadband and cable TV provider Link Net – in which it has been an investor since 2011 – through a trade sale to MNC Vision Network.
Advent buys Indian biopharma player
Advent International has agreed to acquire a controlling position in Bharat Serums and Vaccines, an Indian biopharmaceuticals supplier focused on the women’s health segment.
Fundraising gap impedes mid-market exits – AVCJ Forum
Polarization in fundraising has left middle-market investors with difficult options for realizing exits, according to industry participants at the AVCJ Forum.
China VCs get more selective - AVCJ Forum
Chinese venture capital firms are doubling down on areas in which they have domain expertise as the spectrum of opportunities widens, industry participants told the AVCJ Forum.
Deal focus: Fast fashion strategy pays off for Worldtool
CLSA Capital Partners backed Japan's Worldtool having been won over by a Uniqlo-inspired business model. It turned into a domestic and overseas expansion story
VCs set for exit as Alibaba buys China cybersecurity start-up
Alibaba Cloud, a subsidiary of Alibaba Group, has agreed to acquire Chaitin Technology, a Chinese cybersecurity start-up backed by Matrix Partners and Qiming Venture Partners.
Lakeshore secures 2.75x return on Bangkok steakhouse deal
Thailand-based Lakeshore Capital has exited Bangkok area steakhouse chain Santa Fe to Singha Corporation for $50 million, generating a 2.75x return.
New Mountain Capital buys US-India BPO player
US private equity firm New Mountain Capital has agreed to acquire Emids, a US-headquartered business process outsourcing (BPO) provider with extensive operations in India, for an undisclosed sum.
Khazanah sells Malaysian hospital for $244m
Malaysian sovereign wealth fund Khazanah Nasional has agreed to sell the Prince Court Medical Centre in Kuala Lumpur to local operator IHH Healthcare for about MYR1 billion ($244 million).
China secondaries: Curious conversions
An exit lag and difficulties raising money for renminbi funds in China has created a novel opening for secondaries investors comfortable moving assets from one currency to another
QIC to acquire Australian marine logistics player
Queensland Investment Corporation (QIC) has agreed to acquire 100% of Australian marine logistics provider Sea Swift, facilitating exits for CHAMP Ventures and HarbourVest Partners.
PE-backed Chinese AI player Megvii files for HK IPO
Megvii Technology, best known for its Face++ platform, is set to become the first Chinese artificial intelligence (AI) company to list in Hong Kong.
Baring Asia buys Korean leasing business from JC Flowers
Baring Private Equity Asia has acquired Korean consumer finance and leasing services provider Acuon Capital from JC Flowers for an undisclosed sum.
New Horizon buys Japan cosmetics player from Ant Capital
Japanese private equity firm New Horizon Capital has acquired 100% of Kagayaku Cosmetics from Ant Capital Partners for an undisclosed sum.
Affinity seeks exit from Virgin Australia frequent flyer business
Affinity Equity Partners has begun a process to exit its 35% interest in the frequent flyer business of Virgin Australia.
Southeast Asia exits: Greener pastures
Southeast Asia’s internal growth and rising appeal among global investors in recent years have fed expectations that PE and VC exits will follow. The logic is sturdy but detailed projections are elusive
India secondaries: Mixed signals
India has skirted around an expected boom in secondaries activity for the past couple of years, but investors haven’t lost faith in the narrative’s eventual unfolding. The devil will be in the details
Australia’s NAB Ventures exits Wave Financial in $400m deal
NAB Ventures, a unit of National Australia Bank (NAB), is set for its debut exit via a deal that will see US tax services giant H&R Block acquire Canada’s Wave Financial for about $400 million.
