Secondaries
India's Ola receives $500m pre-IPO round
Temasek Holdings and Warburg Pincus have joined a $500 million in Indian ride-hailing platform Ola ahead of an IPO.
Q&A: Foundation Private Equity’s Jason Sambanju
Having made his name in Asia secondaries at Paul Capital, Jason Sambanju struck out on his own in 2017 with Foundation Private Equity. He explains why there is room for a local GP dedicated to LP-style deals
NewQuest buys Cosmos-Maya from KKR's Emerald Media
Direct secondaries specialist NewQuest Capital has acquired Indian animation studio Cosmos-Maya from Emerald Media, an Asian media platform backed by KKR.
Deal focus: TR Capital doubles down on China tech
Secondaries specialist TR Capital has established a base in Shenzhen with a view to sourcing more deals in China’s red-hot technology sector. Online used car trading platform Bochewang is the latest example
NewQuest exits BPO business to US GP
NewQuest Capital Partners is exiting Integreon, a business process outsourcing (BPO) provider with a significant Asia footprint to US private equity firm EagleTree Capital.
Asia secondaries: Continuation conundrum
The rapid ascent of single-asset continuation vehicles in the US and Europe might be emulated in Asia, but investors are approaching the market with measured optimism
Lucian Wu leaves HQ Capital
Secondaries specialist Lucian Wu has left his role as a managing director with HQ Capital in Hong Kong.
TR, Shenzhen Capital back renminbi continuation fund
TR Capital and Shenzhen Capital Group have backed the spin-out of six healthcare assets held by China focused GP Huagai Capital into a RMB800 million ($125 million) renminbi-denominated continuation fund.
Legend closes China healthcare continuation fund
Legend Capital has spun out the healthcare assets from two of its China venture capital funds into a continuation vehicle supported by Hamilton Lane and Coller Capital. The $270 million deal includes capital for follow-on investments.
Vietnam middle market: Room for maneuver
There is a perceived sweet spot in Vietnam where check sizes are too big for local GPs and too small for pan-regionals. Taking advantage means addressing structural nuances and strategic competition
Buhuo Ventures completes renminbi fund restructuring
China’s Buhuo Ventures has closed its first US dollar-denominated fund at $100 million, following a GP-led cross-currency restructuring of a renminbi vehicle.
Singapore's Azalea launches PE-backed bond offering
Temasek Holdings-owned Azalea Asset Management plans to sell S$250 million ($186 million) worth of bonds – backed by LP interests in private equity funds – to retail investors in Singapore.
India direct secondaries: Footprint freefall
A darker mood for Chinese investors in India is stirring expectations for a wave of direct secondary opportunities
TPG takes majority stake in NewQuest
TPG has agreed to take a majority interest in Asia secondaries specialist NewQuest Capital Partners, nearly three years after acquiring a minority stake in the manager.
Fund focus: TR raises $350m for China-heavy secondaries strategy
Having closed its fourth fund at the hard cap of $350 million, Asia secondaries specialist TR Capital expects to go deep into China fund restructurings, taking out renminbi investors onshore and offshore
Five trends for 2021
AVCJ looks at how its 2020 predictions turned out and identifies some key themes for the year ahead
The crystal ball: Predictions for 2021
Industry professionals process the upheavals of 2020 to inform outlooks for a range of markets and investment themes. Realist bullishness abounds
LPs anticipate PE portfolio restructuring - survey
A wave of portfolio restructuring is likely as LPs turn to the secondary market to reshape their private equity exposure, source new credit facilities or dispose of assets to remedy liquidity shortfalls, and review co-investment policies, Coller Capital’s...
Fund focus: Secondaries drive Ping An unit’s transition
China Ping An Insurance Overseas Holdings has aspirations to manage assets for third-party investors. Spinning out part of the global private equity portfolio may help it get there
Ping An gives third-party investors exposure to PE portfolio
The international investment and asset management arm of China’s Ping An Insurance has raised $875 million through a secondary sale of part of its private equity portfolio.
ESG & secondaries: Finer filters
Rising sustainability standards pose unique challenges for investors that prefer buying into existing portfolios. Interestingly, increasingly complex deal structures are making it easier
HarbourVest backs IDG renminbi fund restructuring
IDG Capital has completed a renminbi fund restructuring in which assets have been transferred from one local currency vehicle to another backed by offshore investors. It is the first secondary deal of its kind to use the Qualified Foreign Limited Partner...
Australia's Future Fund posts negative return, sells part of PE portfolio
Future Fund has posted its first yearly negative return since the global financial crisis, amid economic chaos caused by COVID-19, and rebalanced its private equity portfolio as part of efforts to avoid “excessive risk.”
CLSA looks to connect wealthy investors with unicorns
CLSA, the international arm of China-based brokerage CITIC Securities, has launched a strategy to offer high net worth clients investment opportunities in late-stage private companies in Asia.
