Secondaries
Preferred equity: Last in, first out
Issuing preferred equity to secondary investors is a short-cut to liquidity for China VCs with valuable portfolios but few exits. The strategy isn’t universally popular, but what will it take for GPs to make the leap?
Asia GP-led secondaries hit record high in 2018
An increase in GP-led transactions propelled Asia secondary market volume to $7.8 billion last year, and more of the same is expected in 2019 – once managers have adjusted their mark-to-market valuations following fourth-quarter volatility in the public...
Fund focus: From Standard Chartered to Affirma
Standard Chartered's private equity team - now known as Affirma Capital - has finally secured its independence through a spin-out backed Intermediate Capital Group
Five trends for 2019
AVCJ looks at how its 2018 predictions turned out and identifies some key themes for the year ahead
ICG backs spin-out of Standard Chartered Private Equity
Intermediate Capital Group (ICG) has agreed to support a spin-out of Standard Chartered’s private equity business, taking the majority of the remaining $1 billion in assets off the bank’s balance sheet.
The crystal ball: Predictions for 2019
Industry participants share their outlooks on some of the biggest economic drivers of the day, including fast-growing sectors and shifting deal making factors across Asia’s varied markets
Lexington leads $1b stapled secondary for TPG Asia
Lexington Partners has backed a GP-led tender offer for TPG Capital’s fifth and sixth Asia funds, taking out existing positions held by LPs and investing new capital into the firm’s seventh pan-regional vehicle. The transaction represents a total...
Secondary restructurings: Opportunistic delays
Creative secondary deals are presenting private equity investors with new options for extending exposure to prized assets. Although a modest trend, it evokes big questions about best conduct
HarbourVest backs secondary restructuring of Capital Today investment
HarbourVest Partners has led a secondary transaction worth approximately $420 million that enabled Capital Today China Group to take out an investment from its first fund – Yifeng Pharmacy – and roll it into a new vehicle as a means of extending the...
Deal focus: Growth capital secondaries
NewQuest Capital Partners and Committed Advisors have invested $175 million in a fund intended to institutionalize the Basil Partners platform and help its portfolio companies achieve greater scale
NewQuest, Committed Advisors back $175m restructuring
NewQuest Capital Partners and Committed Advisors have bankrolled the formation of a $175 million fund that will acquire the existing portfolio of Singapore-based Basil Partners and provide additional capital for follow-on investments.
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
