Secondaries
NewQuest, GIC back Everbridge's South Asia continuation fund
NewQuest Capital Partners and GIC have supported a USD 267m continuation fund for Capital Group Private Markets spinout Everbridge Partners, two years after a larger deal involving some of the same assets failed to close amid portfolio volatility.
Investor caution, bid-ask spreads hold back China secondaries
Secondaries investors see a lot of potential GP-led deal flow coming out of China, but completion rates are being held back by caution among buyers and a reluctance among sellers to compromise on valuations.
Japan's Mizuho to buy M&A advisor Greenhill
Boutique investment bank Greenhill, arguably best known in private equity for advising on LP and GP-led secondary transactions, has agreed to an acquisition by Japan’s Mizuho Financial Group.
Jefferies hires Dennis Kwan to lead Asia secondaries advisory
Dennis Kwan, formerly of Chinese private equity firm Harvest Investments Management and placement agent MVision, has joined boutique investment bank Jefferies to lead secondaries coverage in Asia.
Foundation secures secondary deal with India's Carpediem
Asia secondaries specialist Foundation Private Equity has acquired stakes in three portfolio companies held by India’s Carpediem Capital through the purchase of new and existing shares.
BDA recruits Asia secondaries specialist
BDA Partners, a global boutique investment bank that focuses on Asia, has entered the private capital advisory (PCA) space with the appointment of secondaries specialist Dominik Woessner.
Valuation stalemates stall SE Asia exits – M&A Forum
Private equity investors at the Mergermarket M&A Forum Southeast Asia sensed that something has to give in a deadlocked regional exit market, where the bid-ask divide could break in either direction.
Coller closes first deal for debut renminbi fund
Coller Capital has completed the first deal from its debut renminbi-denominated secondaries fund, participating in a CNY 315m (USD 46m) GP-led transaction involving healthcare assets held by Chinese VC firm Legend Capital.
Asia fundraising: To the grindstone
As macro uncertainties add red tape to fundraising processes and oblige some managers to operate on a deal-by-deal basis, the improvisational, survivalist nature of Asian private equity is on display
Q&A: 17Capital’s Pierre-Antoine de Selancy
17Capital is a credit provider to the private equity industry, lending against fee streams at the GP level and the fund level. Pierre-Antoine de Selancy, the firm’s managing partner, assesses the market
Deal focus: Secondary investors support Capital Square, Basil merger
Capital Square Partners and Basil Technology Partners have joined forces, with HarbourVest Partners, NewQuest Capital Partners, and Committed Advisors backing a USD 700m fund comprising Asia IT services investments from both GPs
TR exits last China asset acquired through Cassia restructuring
TR Capital has sold China-focused luxury streetwear brand Evisu United – one of two assets it acquired through fund restructuring for Cassia Investments – through a sale to an unnamed financial sponsor. The size of the deal was not disclosed.
Deal focus: TR leads $150m multi-asset secondary for India's Samara
TR Capital first worked with Samara Capital on a single-asset continuation fund for Sapphire Foods India – and saw the local Yum Brands franchisor go public about three months after the deal was announced. It has now reunited with Samara for what amounts...
2023 preview: Fundraising
Fundraising is difficult for all but the fortunate few private equity managers in Asia. GPs are delaying launches, shaking up strategies, and offering sweeteners; LPs are in no hurry to make commitments
2023 preview: Exits
IPOs and trade sales have been muted in 2022, but industry participants expect strategic investors to be more active in Asia next year, especially as valuations moderate. Increased secondary deal flow is also likely
Overallocation-driven secondary sales more talk than action – Coller
More LPs are considering sales of private equity positions via the secondary market as they find themselves overallocated to the asset class following sharp adjustments in public markets valuations, but Coller Capital has yet to see this translate into...
Asia secondaries: Layers and structures
With private market valuations yet to see a meaningful reset in Asia and heightened risk factors in China, investors are exploring ways to drive secondary deal flow by closing the bid-ask spread
Secondary investor backs Hidden Hill's $465m fundraise
Hidden Hill Capital, which is backed by warehouse operator turned logistics and infrastructure investment manager GLP, has closed its debut growth-stage US dollar-denominated fund on USD 465m with secondaries specialist NewQuest Capital Partners among...
Q&A: Morgan Stanley Investment Management’s Patrick Reid
Patrick Reid, a UK-based managing director for alternatives distribution management at Morgan Stanley Investment Management, plots the future of themes around secondaries, longer holds, and hybrid approaches to PE
Quadrant spins Australia car services business into continuation fund
Quadrant Private Equity has closed a AUD 255m (USD 165m) single asset continuation fund for MotorOne, an Australia-based automotive after-market services provider it has owned since 2016.
China’s Welkin Capital puts IPO on hold
China’s Welkin Capital has paused a planned USD 300m London IPO for an entity seeded with assets from its debut private equity fund, citing macro uncertainty and market volatility.
China's Welkin Capital targets London IPO
China-focused Welkin Capital is looking to raise up to USD 300m through an IPO for a London-listed investment entity seeded with assets from its debut private equity fund, which closed in 2017.
Deal focus: Hahn & Co takes GP-led secondaries to new high
Hahn & Company has closed a USD 1.5bn single-asset continuation fund for Korea's Ssangyong C&E, giving it more time to complete the company's transition from cement maker to broader environmental services player
L Catterton seals $360m Asia strip sale
A Hamilton Lane-led consortium has agreed to support a USD 360m continuation fund comprising structured minority interests in investments held by consumer sector specialist L Catterton’s third Asian fund.
