Secondaries
Secondary staples: Structural dynamics
GP-led restructurings are going mainstream, including complex transactions that combine primary and secondary commitments. As deal demand grows, so do concerns about risk
Deal focus: China baby boom market comes of age
Warburg Pincus has acquired Chinese mother-and-baby company Leyou, providing an exit for CDIB Capital and The Carlyle Group. The deal signals a rapid maturation process in the segment
Warburg Pincus seals secondary buyout of China's Leyou
Warburg Pincus has agreed to acquire a majority stake in Chinese maternity products supplier Leyou. The deal will facilitate exits for The Carlyle Group and CDIB Capital.
General Atlantic invests $130m in Indian hospital operator
General Atlantic has committed $130 million to Krishna Institute of Medical Sciences (KIMS), a South India-based hospital chain that has been approved for an IPO. The company is also backed by ICICI Venture.
Temasek and CFOs: PE to the people
It has taken Temasek Holdings four secondary transactions over 12 years to create a product that allows retail investors to participate in its private equity portfolio. Will others follow suit?
TR gets 3.4x return on Flipkart, opens India office
TR Capital secured a 3.4x net return on its investment in Indian e-commerce giant Flipkart, having sold its stake in conjunction with Walmart’s acquisition of the business. The secondaries specialist announced the exit to coincide with the opening of...
TPG buys stake in Asia secondaries specialist NewQuest
TPG Capital has agreed to take a minority stake in Asia-focused NewQuest Capital Partners, with a view to helping the secondaries specialist scale up its platform and address a wider variety of opportunities in an expanding yet underpenetrated market.
Temasek unit targets $500m PE fund-backed bond issue
Retail investors in Singapore will be able to get exposure to the Temasek Holdings private equity portfolio through a $500 million bond issuance backed by 36 funds, including vehicles managed by The Blackstone Group, KKR, Silver Lake Partners, and TPG...
GIP to buy IDFC's India infrastructure business
Global Infrastructure Partners (GIP) has agreed to buy the infrastructure business of IDFC Alternatives, the alternative asset investment arm of India’s IDFC Group.
Deal focus: Opportunities at the end
TR Capital takes secondary stakes in Indian eyewear chain Lenskart and microfinance specialist Arohan Financial Services
TR Capital completes two India direct secondary deals
TR Capital has completed secondary direct investments in two India-based businesses, microfinance specialist Arohan Financial Services and eyewear chain Lenskart Solutions.
Secondaries: Holding patterns
Advisory firms focused on private equity secondaries are confident that Asia will fulfill its potential as an expansion market for their services. They will not be able to effectively seize the opportunity remotely
Secondary buyouts: Second time lucky?
PE secondary buyouts are becoming more accepted in Asia as GPs increasingly look to other fund managers for exit opportunities
AlpInvest leads $450m stapled secondary for Southern Capital
A consortium led by AlpInvest Partners has made a secondary investment in Southern Capital Group’s second fund that includes a stapled commitment to the firm’s fourth Southeast Asia-focused vehicle.
Lazard appoints head of Asia secondaries practice
Dominik Woessner, formerly head of Greenhill Cogent’s secondary advisory business in Asia, has joined Lazard to lead the origination and execution of secondaries transactions in the region.
Five trends for 2018
AVCJ looks at how its 2017 predictions turned out and identifies some key themes for the year ahead
Q&A: HQ Capital's Georg Wunderlin & David Pierce
Georg Wunderlin, CEO of HQ Capital, and David Pierce (pictured), the firm’s Asia head, discuss investor appetite for private equity, the popularity of separately managed accounts, and consolidation within the industry
Secondaries: Back in the game
After several years of uncertainty, secondaries investments have returned to growth again, particularly in Asia. Strong pricing and healthy deal flow on the primary side could help maintain this upward trajectory
NewQuest joins $31m round for China video cloud player
Asia-dedicated secondaries investor NewQuest Capital Partners has participated in a RMB208 million ($31 million) Series C round for Bokecc.com, a China-based company that offers video cloud computing solutions.
Standard Chartered Private Equity revives spin-out plan
Standard Chartered Private Equity (SCPE) has relaunched an effort – which failed to get traction with the bank last year – to spin-out its team and the remaining $1 billion in PE assets on its balance sheet into an independent entity.
Lexington leads $1.2b Warburg Pincus Asia secondary deal
Lexington Partners is leading the $1.2 billion secondary deal that will see Warburg Pincus sell a portion of every Asian investment in its 11th global fund in order to return capital to LPs. Goldman Sachs’ asset management arm is also participating...
GP-led secondaries: Stigmatized no more
Traditionally perceived as a recourse for private equity firms in trouble, GP-led secondary transactions are starting to be used by brand-name managers as a liquidity solution for LPs
Advantage exits China’s ESG Holdings
Advantage Partners has completed a full exit of Hong Kong-based and China-focused facility management services company ESG Holdings. It was the Japan-focused firm's first China buyout.
Deutsche's Jason Sambanju launches secondaries firm
Jason Sambanju, the former head of Asian private equity secondaries at Deutsche Bank, has launched his own investment firm – Foundation Private Equity – which will pursue secondary opportunities in the region.
