Investments
PAG invests $500m in China's iQiyi
PAG has invested USD 500m in China-based online video streaming platform iQiyi through a private placement of senior convertible notes.
China's Moore Threads closes $218m Series B
Moore Threads, a China-based designer of artificial intelligence (AI) chips, has raised CNY 1.5bn (USD 218m) in Series B funding led by China Mobile Digital New Economy Industry Fund and Hexie Health Insurance, with participation from Dianshi Capital....
Australia's Potentia backs telecoms technology player
Australia’s Potentia Capital has paid AUD 66.3m (USD 44.9m) for a 25% stake in Soprano Design, a local mobile messaging technology provider that counts Telstra and AT&T as its carrier partners.
Hidden Hill joins $145m round for China's Sany Heavy Truck
Sany Heavy Truck, a subsidiary of Chinese heavy equipment manufacturer Sany Heavy Industry focused on developing new energy trucks, has raised nearly CNY 1bn (USD 145m) in Series A funding.
Advent acquires majority stake in India's Suven Pharma
Advent International has agreed to acquire a 50.1% stake in India-listed drug industry supplier Suven Pharmaceuticals for INR 63.1bn (USD 761.5m) with plans to acquire an additional 26%.
MBK buys Korea dental scanning player Medit, Unison exits
MBK Partners has agreed to buy Medit, a South Korea-based manufacturer of 3D dental scanners, for a valuation of approximately KRW 2.4trn (USD 1.88bn). The transaction facilitates an exit for Unison Capital’s Korea business.
Quadrant buys Australian healthcare equipment supplier
Quadrant Private Equity has bought a majority interest in Aidacare, an Australia-based distributor of healthcare equipment, with a view to supporting domestic and international growth.
MUFG invests $200m in Indonesia fintech player Akulaku
Akulaku, an Indonesia-based digital finance platform that has raised several rounds of venture capital funding, has received a USD 200m investment from Japan’s Mitsubishi UFJ Financial Group (MUFG).
Asian basketball league secures Series C funding
East Asia Super League (EASL), a basketball league featuring teams from Greater China, Japan, South Korea, and the Philippines, has raised USD 40m as part of a yet-to-close Series C funding round.
Anchorage buys Australian department store chain David Jones
Anchorage Capital Partners has agreed to buy Australian department store chain David Jones from South Africa-listed Woolworths Holdings (WHL).
Singapore's Doctor Anywhere raises $38m, makes acquisition
Southeast Asia-focused telehealth platform Doctor Anywhere has closed a second tranche of Series C funding worth USD 38.8m and acquired Singapore-listed Asian Healthcare Specialists (AHS).
KKR buys Japan's Bushu Pharmaceuticals from BPEA EQT
KKR has agreed to buy Japan-based contract drug manufacturer Bushu Pharmaceuticals from BPEA EQT – formerly Baring Private Equity Asia – for an undisclosed sum.
Co-Stone leads $43m round for China biosynthesis player
Co-Stone Capital Management has led a CNY 300m (USD 43m) Series B round for Readline, a Shenzhen-based company that specialises in synthetic biology.
TPG buys India's Poonawalla Housing Finance
TPG Capital Asia has agreed to acquire Poonawalla Housing Finance for a pre-money equity valuation of INR 39bn (USD 473m) and inject an additional INR 10bn to support growth.
China solar cell manufacturer raises $72m
Temasek Holdings, Sequoia Capital China, and IDG Capital have led a CNY500m (USD 72m) Series B investment in Chinese solar cell manufacturer GCL Photoelectric Materials.
2023 preview: Hard-tech
As China’s technology space has shifted toward more advanced domains of R&D, bubbles have formed and geopolitics have complicated investment. There is scope for some turnaround on these points
2023 preview: Buyouts
Even though debt is more readily available in Asia than in the US or Europe, financing costs are up, and buyout investors are reluctant to move for assets in an uncertain and overvalued market
2023 preview: Fundraising
Fundraising is difficult for all but the fortunate few private equity managers in Asia. GPs are delaying launches, shaking up strategies, and offering sweeteners; LPs are in no hurry to make commitments
2023 preview: Private debt
Asia-based private debt managers hope to take advantage of renewed LP appetite for the asset class, while enjoying higher returns driven by rising interest rates and widening spreads
Q&A: CICC Capital's Mengyang Yang
Mengyang Yang, an executive director and head of private equity in Hong Kong at CICC Capital, on China’s post-pandemic revival, plans for a flagship US dollar fund, and managing guidance funds
2023 preview: Exits
IPOs and trade sales have been muted in 2022, but industry participants expect strategic investors to be more active in Asia next year, especially as valuations moderate. Increased secondary deal flow is also likely
2023 preview: India PE
India’s domestic growth story appears unobstructed, but some international investors could hold their fire. The local PE industry will not graduate to the next level without that foreign capital
2023 preview: Australia PE
Market pressures on Australian businesses, including an increasingly serious labour shortage, are a challenge and opportunity for domestic private equity. So is China, but in less discernible ways
2023 preview: China macro
Private equity is eager to re-engage with China as a sudden post-pandemic re-opening reminds investors focused on the country to expect the unexpected. A weak global picture could spoil the party