PIPEs
IFC proposes $100m investment in India's MMFSL
The International Finance Corporation (IFC), the investment arm of the World Bank, is considering a $100 million investment in India-listed non-banking financial company (NBFC) Mahindra & Mahindra Financial Services (MMFSL).
Hony ups stake in Australia’s Santos
Chinese private equity firm Hony Capital has invested A$184.3 million ($136.8 million) to increase its minority stake in Australia-listed oil and gas supplier Santos.
TCV invests $20m in New Zealand's Xero, Martix part exits
US venture capital firm Technology Crossover Ventures (TCV) has invested NZ$28.5 million ($20 million) in New Zealand-listed accounting software company Xero. It will facilitate a partial exit for existing backer Matrix Capital.
Bain to invest in Korean botox manufacturer - update
Bain Capital Private Equity has agreed to buy a controlling stake in Hugel, a South Korean manufacturer of botox and other health-related pharmaceuticals, for approximately KRW927.4 billion ($830 million).
China semiconductor fund to buy Xcerra for $580m
Sino IC Capital, a technology-focused private equity fund manager backed by the Chinese government, has agreed to acquire US semiconductor and electronics manufacturer Xcerra in a deal that values the company at about $580 million.
China’s SDIC to invest $47m in US-based Maxwell
SDIC Fund Management has agreed to invest $47 million in US-listed energy storage and delivery solutions developer Maxwell Technologies.
True North-led group to buy Religare Health Insurance for $162m
A consortium led by True North Managers will buy a majority stake in India’s Religare Health Insurance (RHI) for INR10.4 billion ($162 million).
Hillhouse, FountainVest agree $1b Zhaopin take-private
Hillhouse Capital and FountainVest Partners, along with Australia’s Seek International, have agreed to buy US-listed Chinese recruitment website Zhaopin in a deal that values the company at $1.01 billion.
Deal focus: KKR returns to Masan, PENM exits
KKR will team up with Vietnam's Masan Group for a second time, committing $250 million to the parent and its meat industry subsidiary. The GP's entry facilitates a partial exit for long-standing investor PENM Partners
Apax commits $388m to Guotai Junan's Hong Kong IPO
Apax Partners has agreed to invest $388 million in Guotai Junan Securities as the largest cornerstone investor in the Chinese brokerage’s HK$16.5 billion ($2.1 billion) Hong Kong IPO.
HgCapital invests $25m in New Zealand's Gentrack
HgCapital has agreed to invest NZ35.5 million ($25 million) in New Zealand industrial software specialist Gentrack to support an acquisition and expansion process in the UK.
KKR, CPPIB invest $953m in India's Bharti Infratel
KKR and the Canada Pension Plan Investment Board (CPPIB) have invested INR62 billion ($953 million) in the cell tower arm of Indian telecom services provider Bharti Airtel.
Gateway invests in Singapore's Healthway Medical
Singapore-based private equity firm Gateway Partners has agreed to invest S$70 million ($50.2 million) in distressed local hospital operator Healthway Medical.
Boyu acquires 25% of China Vanke's property services unit
Boyu Capital has bought a 25% stake in Vanke Property Development, a wholly-owned property services unit of China Vanke, the second-largest real estate developer in the country, for RMB166 million ($24 million).
WestBridge invests $28m in India's CEAT
WestBridge Capital Partners has invested INR1.8 billion ($28 million) for a 3.5% stake in India-listed tire maker CEAT.
Actis part exits India's IDFC for $17m
Actis Capital has exited most of its stake in Indian infrastructure finance lender Infrastructure Development Finance Company (IDFC) for INR1.1 billion ($16.9 million).
ADB to invest $10m in India's Satin Creditcare
The Asian Development Bank (ADB) will invest up to INR667 million ($10.1 million) in Indian microfinance institution (MFI) Satin Creditcare Network.
GIC invests $113m in India's Can Fin
Singapore sovereign wealth fund GIC Private has invested about INR7.5 billion ($113.2 million) for a 13.4% stake in Indian mortgage lender Can Fin Homes.
Carlyle exits India's Edelweiss for $131m
The Carlyle Group has fully exited its stake in India’s Edelweiss Financial Services for INR8.7 billion ($131 million) in an open market transaction.
CPPIB, CDPQ pay $337m for stake in India's Kotak
Canada Pension Plan Investment Board (CPPIB) and Caisse de dépôt et placement du Québec (CDPQ) have paid INR23 billion ($337 million) for a 1.5% stake in India’s Kotak Mahindra Bank.
China chauffeured car service Ucar raises $668m
Chinese chauffeured car service provider Ucar, which is backed by Warburg Pincus and Yunfeng Capital, has raised RMB4.6 billion ($668 million) through a private placement on the National Equities Exchange and Quotation (NEEQ).
PAG to pay $612m for Yingde Gases stake
PAG Asia Capital has submitted a cash offer worth HK$4.7 billion ($612 million) for a 42.1% stake in Chinese industrial supply company Yingde Gases.
Welkin invests $17m in Chinese camellia oil brand
China-focused PE firm Welkin Capital has acquired a 15% stake in Hunan Guitaitai Camelia Oil Technology, a camellia oil specialty brand listed on the National Equities Exchange and Quotations (NEEQ), for RMB120 million ($17 million).
India: Draining the PIPEs
PIPE deals remain a significant part of private equity in India, but a slowdown in recent years has prompted investors to evaluate strategies and the place for public market deals in private portfolios