Investments
Gray Matters invests in social banker Unitus Capital
Bangalore-based social investment bank Unitus Capital (UC) has received an undisclosed commitment from Gray Matters Capital (GMC)-owned First Light Ventures fund. The vehicle acts as an incubator and investment partner to seed-stage, for-profit social...
Korean government tries again to offload Woori stake
The South Korean government will once again try to offload its majority stake in Woori Finance Holdings, this time breaking up the asset into three pieces to be auctioned separately. The plan is to sell two regional banks and a brokerage and related units...
Governance issues could undermine Japan's economic reforms - AVCJ Forum
Prime Minister Shinzo Abe’s economic reforms have provided a boost for Japanese private equity but issues surrounding corporate governance continue to be a barrier to opportunities, industry participants told the AVCJ Japan Forum.
Take-private deals for China's 7 Days, Feihe near completion
Chinese budget hotel chain 7 Days Group Holdings is set to be privatized after shareholders voted in favor of a PE-backed management buyout that values the company at around $688 million. A $147 million privatization of Chinese dairy firm Feihe International...
Telstra Ventures provides Series D funding for Kony Solutions
Telstra Ventures, the VC arm of Australian telecom operator Telstra, has committed $18.3 million in a Series D round of funding for Kony Solutions, a US-based mobile applications developer. The size of its stake was not disclosed.
Abraaj teams up with USAID to launch $100m Pakistan PE funds
The US Agency for International Development (USAID), The Abraaj Group and JS Private Equity Management (JSPE) will launch two private equity funds focused on Pakistani small- and medium-sized enterprises (SMEs).
Warburg Pincus-backed India coal washery firm re-files for IPO
Warburg Pincus is set for a partial exit from ACB, a provider of coal beneficiation services, after the company re-filed a draft red herring prospectus (DRHP) for an IPO. It hopes to raise INR4.15 billion ($69.4 million).
Fosun, AXA sweeten buyout offer for Club Med, win board support
Chinese conglomerate Fosun International and Axa Private Equity have increased their takeover bid for France-based vacation resorts operator Club Méditerranée (Club Med). The new bid, worth EUR557 million ($729 million), has won favor with the company’s...
AVCJ China Awards: Exit of the Year – China Pacific Insurance
“The transaction, the largest private equity investment in China to date, is a testimony to the maturing investment and regulatory environment in China and to the government’s commitment to financial reform,” X.D. Yang, managing director and co-head of...
Carlyle finds the right formula for Yashili
Glow-in-the-dark pork, dumplings with aluminum, cadmium-tainted rice, and cooking oil made from recycled sewage are just some of the horrors that have found their way onto Chinese dinner tables in recent times. It is no wonder, then, that there is an...
Partners Group joins India's IT crowd
Few investors need to be convinced of the wealth of possibilities that exist in India’s IT outsourcing industry. As of last year, the sector was valued in excess $100 billion with export revenues reaching $69.1 billion and domestic revenues of $31.7 billion...
AVCJ China Awards: Firm of the Year – FountainVest Partners
FountainVest Partners took six months to raise its second fund, for which it also won the US dollar fundraising award, and then participated in China’s largest-ever PE buyout. CEO Frank Tang looks back and forward
Positive signs from India
The last few years haven't been kind to Indian private equity. After a period of strong fundraising and bumper investment – a large portion of it into publicly-listed entities – the industry has largely been unable to deliver on the promise. Non-performers...
AVCJ China Awards: PE professional of the Year – Homer Sun
Somewhat unusually for Morgan Stanley Private Equity Asia’s (MSPEA) China team, the last 12 months have been dominated by buyout deals. Leading Beijing convenience store chain Hi-24 was acquired last November through a corporate carve-out and then two...
India's IL&FS, IDFC see 2.6x return on gas distributor exit
IDFC Private Equity, the Asian Development Bank (ADB) and a subsidiary of IL&FS Investment Managers have sold their stake in Central UP Gas (CUGL) in a strategic sale to Indraprastha Gas. The investment generated a gross IRR of 17% and a money multiple...
Asia travel search engine Wego gets $17m in Series C funding
Crescent Point has led a Series C round of funding worth $17 million for Wego, an Asia travel search engine. Victoria Capital and existing investor Tiger Global also participated.
ChrysCap exits Ahmednagar Forgings, buys Sequoia's Infotech stake
ChrysCapital Partners has exited Ahmednagar Forgings (AFL), a manufacturer of automotive components, for INR363 million ($6.07 million) through a series of bulk deals on the open market. The firm originally bought the stake for INR295 million in 2008....
Baird backs China children's education platform
Baird Capital, the private investment arm of Robert W. Baird, has committed an undisclosed sum to Peter Winn, former China president at English First Professional (EF), to explore education sector investments in the country.
Japan's INCJ in cooperative talks with private equity
The government-backed Innovation Network Corporation of Japan (INCJ) has been in discussions with domestic and foreign private equity firms over joint investment strategies.
TIAA-CREF merges property business with Henderson to boost Asia exposure
TIAA-CREF has merged its real estate business with that of London-based manager Henderson Global Investors in order to broaden its global portfolio and gain better Asia exposure in particular.
ChrysCapital-backed Intas Pharma files for IPO
ChrysCapital Partners will exit the 10.16% stake held by Fund III in Ahmedabad-based formulations maker Intas Pharmaceuticals via an upcoming IPO. Another 6.25% stake will continue to be held by the PE firm's fifth fund.
Tsinghua University investment arm makes buyout offer for Spreadtrum
Spreadtrum Communications, a Chinese mobile chip manufacturer backed by NEA, has received a buyout offer from a unit of Tsinghua Holdings, an investment entity controlled by Beijing-based Tsinghua University. The offer values Spreadtrum at $1.35 billion....
Tencent-Naspers JV ibibo buys India ticketing firm redBus
Delhi-based ibibo Group has acquired VC-backed Indian bus ticketing company redBus.in, allowing Helion Venture Partners, Inventus Capital Partners and Seedfund to exit their investment. Financial terms of the transaction were not disclosed.
Carlyle, Seven to retain ownership of Australia's Coates Hire
The Carlyle Group and Seven Group Holdings have decided against pursuing an exit from Australian equipment-leasing business Coates Hire following a strategic review. The co-owners said they remain fully committed to growing the business.