Investments
China’s Car Clubs rental service secures Series A financing
Hangzhou-based Incapital and government-owned Tobon VC have provided a Series A round of funding for Car Clubs, a Chinese car rental service operator. Details of transaction were not disclosed but it is said to be in excess of RMB10 million ($1.6 million).
INCJ invests $27m in Japan patent fund
Government-backed Innovation Network Corporation of Japan (INCJ) has invested JPY2.75 billion ($27.8 million) in a fund that will buy unused patents and license them to domestic start-ups.
China Merchants sells stake in NTong Technology
The direct investment arm of China Merchants Group plans to sell its entire 12.34% stake in NTong Technology to Shenzhen-listed Unisplendour Corporation (UNIS), for RMB86.36 million ($14.07 million). The proposed deal values the company at about RMB700...
Deal focus: Affinity agrees chaebol restructuring carve-out
Apple iTunes store has a library of more than 26 million songs, a presence in 119 countries and revenues of $12.9 billion in 2012. Its US market share is around 63%.
Blackstone downbeat on India prospects
The Blackstone Group has turned cautious about opportunities in India, where it says “serious governance issues” threaten to erode investor returns. The firm, which earlier this month bought a majority stake in auto parts maker Agile Electric for...
PE-backed OzForex considers IPO - report
OzForex, an Australian online foreign exchange platform backed by The Carlyle Group, Accel Partners and Macquarie Group, is said to be considering an IPO that could raise around A$500 million ($643 million).
China Molybdenum beats strategics, PE to Rio Tinto copper mine stake
China Molybdenum (CMOC) has fought off competition from PE and strategic investors to acquire an 80% stake in Rio Tinto's Northparkes copper mine in Australia for $820 million.
Malaysia's Khazanah in Turkish insurance buyout, Abraaj exits
Malaysian sovereign wealth fund Khazanah Nasional has agreed to pay $252 million for a 90% stake in Turkish health insurer Acibadem Sigorta. The investment facilitates the exit of The Abraaj Group, which held a 50% stake in the business.
China CYTS Tours buys back Wuzhen stake from IDG
IDG Capital Partners has existed Tongxiang Wuzhen Tourism Development to the investee’s parent company, China CYTS Tours Holding, for $67.5 million. The PE firm bought about a 16% stake for $6.47 million in 2009, implying a 10.4x return on its investment.
China’s Baifendian secures $10m Series B round
Baifendian, a Chinese recommendation engine that tracks user tastes and predicts how they might rate items, has received $10 million in Series B financing from Zhejiang Shinkansen Media Investment via its Eastern Starry Sky Culture Fund.
Zennon, New World invest $25m in China games developer CMGE
Zennon Capital Partners and New World Strategic Investment (NWSI) have invested $25 million in NASDAQ-listed China Mobile Games and Entertainment Group (CMGE).
Asia Pacific Capital completes $25m Series C round for Ciris Energy
Hong Kong-based Asia Pacific Capital (APC) has invested $15 million in Ciris Energy, a US company that converts coal to natural gas, concluding a $25 million Series C round of investment.
Affinity reaches $2.5b second close on Fund IV
Affinity Equity Partners has reached a second close of $2.5 billion on its fourth Asia buyout fund. The private equity firm has been on the road for about nine months in what is a challenging fundraising market for Asian GPs, with just $17.3 billion raised...
Multiples buys ICICI Venture's stake in Vikram Hospital
Multiples Alternate Asset Management has bought a 64% stake in Bangalore-based Vikram Hospital from ICICI Venture Funds Management, and also infused direct capital for debt repayment.
Standard Chartered boosts stake as India’s Fortis moves to cut debt
Standard Chartered Private Equity (SCPE) will invest a further $13.5 million in hospital chain Fortis Healthcare through a preferential allotment of shares, taking its total holding to around 2.7%.
EQT mulls deal for Dairy Queen, Papa John’s China franchisee – report
EQT Partners intends to buy a minority stake in RCS Group, a Chinese fast-food chain operator that owns franchisee rights for the Dairy Queen and Papa John’s Pizza, from existing investor Warburg Pincus.
Taiwan’s Chinatrust buys Tokyo Star Bank – report
Chinatrust Commercial Bank, one of Taiwan’s largest commercial lenders, has reportedly agreed to buy Tokyo Star Bank for JPY52 billion ($519 million) from Lone Star and other creditors-turned-shareholders. It would be the first full buyout of a Japanese...
Actis to buy India lighting business from Halonix
Actis is set to buy the loss-making general lighting division of its portfolio company Halonix, a manufacturer of compact fluorescent lamps for general lighting and halogen lamps for automotives.
Arisaig invests $30m for stake in India McDonald’s franchisee
Arisaig Partners has bought a 3.47% stake in Mumbai-listed Westlife Development for INR1.8 billion ($30 million). Westlife controls McDonald’s restaurants in west and south India through its direct subsidiary, Hardcastle Restaurants. It is one of two...
Strategics buy Singapore start-ups Techsailor, YFind
Two Singapore-based start-ups – Techsailor and YFind – have been snapped up by strategic investors. This follows last week’s acquisition of VC-backed travel website TravelMob by NASDAQ-listed vacation rental portal HomeAway.
Affinity pays $239m for majority stake in Korean music platform
Affinity Equity Partners will pay KRW265.9 billion ($239 million) for a 52.6% stake in Loen Entertainment, a South Korean record label and digital music platform. The holding is being divested by SK Planet, a subsidiary of SK Telecom, the country's largest...
China’s SAIF invests in COFCO-run food retail site
SAIF Partners has invested in Womai.com, a food and grocery B2C online platform set up by Chinese food conglomerate COFCO. Financial terms were not disclosed but the investment is said to be more than $10 million.
Jungle Ventures secures TravelMob exit
Four years ago, Asia Pacific became the world’s largest aviation market, with 647 million travelers taking flights within the region compared to 638 million in North America. This growth shows no sign of slowing down – in the first four months of...
L Capital targets Chinese beauty
As growth slows in China's consumer sector, L Capital Asia has identified cosmetics as a segment with the qualities to withstand the broader trend. Put simply, as a woman’s disposable incomes rise, so does her consumption of premium cosmetics, particularly...