Investments
Friend or foe? Chinese M&A in the US
Chinese companies are keen to acquire assets overseas and the US is a popular target. Success hinges on satisfying regulators, appeasing politicians and persuading sellers of their ability to execute transactions
Ironbridge targets full buyout of Australia’s Bravura
Ironbridge Capital has made an offer to acquire a further one-third stake in listed Australian life insurance and wealth management provider Bravura Solutions. The offer values the company at A$172.7 million ($158.3 million).
Blackstone set for partial exit as Emcure Pharma files for IPO
The Blackstone Group will make a partial exit from its 2006 investment in India's Emcure Pharmaceuticals as the company targets a INR3 billion ($50.4 million) IPO.
Sun Capital exits US-based ASB to Japan's Lixil
Sun Capital Partners has exited its stake in American Standard Brands (ASB), a US maker of bathroom and kitchen fixtures, to Japanese toilet manufacturer Lixil Corp. for $542 million. The deal values the 138 year-old firm at around $342 million and includes...
Southern Capital raises $400m for Southeast Asia fund
Singapore-based Southern Capital Group (SCG) has raised approximately $400 million for its third buyout fund. Unlike SCG’s previous vehicles, which invested throughout the region, Southern Capital Fund III will focus on Malaysia, Singapore and Indonesia....
CDH commits $97m to China's New Focus Auto
CDH Investments has invested $97.37 million in Hong Kong-listed auto after-sales service provider New Focus Auto (NFA) through a subscription to ordinary shares and convertible bonds. Upon full conversion it will own 63.2% of the company.
Vogo-backed Tongyang Life chosen as preferred bidder ING Korea unit – report
A consortium led by Tongyang Life Insurance, which is majority-owned by Vogo Investment, has reportedly been chosen as the preferred bidder for ING Groep’s South Korean life insurance unit. The consortium is said to have offered around KRW2 trillion...
Limetree Capital targets $325m for car parking fund
Hong Kong-based Limetree Capital is targeting $325 million for its China Car Park Investment Fund, which will address the country's lack of parking spaces.
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...
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...
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.