Secondaries
Australia webinar: Consistency matters
Australia's private equity industry has seen robust deal flow in recent years and LPs remain committed to the asset class, albeit to a fewer number of GPs. Industry participants expect this to continue
WestBridge, TA commit $44m to India's Dr Lal Pathlabs
WestBridge Capital and TA Associates have jointly invested $44 million in Dr Lal PathLabs, a diagnostics and pathology services firm headquartered in Gurgoan, India.
AGCA, secondary investors buy CS legacy assets
Three years after Credit Suisse's Asia private equity team spun out, the assets they were tasked with managing have followed suit. Supported by HarbourVest Partners and Axiom Asia, Asia Growth Capital Advisors (AGCA) has acquired a portfolio of eight...
AGCA teams up with HarbourVest, Axiom to buy Credit Suisse PE assets
Asia Growth Capital Advisors (AGCA), which spun out from Credit Suisse’s private equity division in 2010, has acquired a portfolio of PE investments from its former parent, supported by HarbourVest Partners and Axiom Asia. Prior to the transaction, AGCA...
PE firms compete for Everstone's stake in VLCC – report
Several global and regional private equity firms are reportedly in the hunt for Everstone Capital’s 16% interest in Indian health and beauty treatment specialist VLCC.
Everstone acquires stake in India's Transpole
Everstone Capital has invested INR2.2 billion ($41 million) to acquire a significant minority stake in Transpole Logistics, one of the leading freight forwarders in India. The company will use to proceeds to expand overseas operations in China, Malaysia,...
Advantage Partners sells Komeda coffee shop chain to MBK
Advantage Partners has agreed to sell its controlling stake in Japanese coffee shop chain Komeda to MBK Partners.
Attractive China secondary targets rising at 25% per year – study
At least 200 private equity portfolio companies in China are attractive targets for potential secondary buyers and the number is likely to grow 15-25% per year as funds come to the end of their lives and find that exit options are still limited.
Actis exits Xiabu Xiabu in secondary sale
In the past 12 months we have seen a 10-fold increase in secondary sales in China by value, but it is unwise to read too much into the spike: 80% of the $2.9 billion total came from Goldman Sachs selling its minority interest in Industrial and Commercial...
Actis exits hotpot chain Xiabu Xiabu to General Atlantic
Actis has exited Chinese hotpot chain Xiabu Xiabu to General Atlantic after an investment period of four years.
Partners Group raises $2.6b for global secondaries fund
Partners Group has closed its latest secondary fund at the hard cap of EUR2 billion ($2.6 billion) and expects to deploy a higher proportion of the corpus in Asia than for previous vehicles as the region’s private equity market matures. The vehicle was...
GPs see more secondary deals, stress entrepreneur alignment – AVCJ India Forum
The Indian private equity industry is now diversifying its exit channels in the light of a conspicuous lack of public market deals, GPs told the AVCJ India Forum. Secondary transactions could be an alternative, but alignments with entrepreneurs is the...
Secondaries: Sleight of hand
Are LPs using synthetic solutions like total return swaps to trade fund positions behind the managers’ backs? Some industry participants are suspicious; others are skeptical.
HarbourVest raises more than $3b for secondaries fund
HarbourVest Partners has exceeded the $3 billion target for its latest global secondary fund after about one year in the market. According to regulatory filings, Dover Street VIII has accumulated LP commitments of about $3.1 billion, slightly larger than...
NewQuest to invest $140m in India
Secondaries specialist NewQuest Capital Partners expects to invest about $140 million in India - almost one third of its $400 million NewQuest Asian Fund I.
CRCI sells Grant Achieve Global stake to Olympus Capital
China Renaissance Capital Investment (CRCI) and the chairman of Chinese water treatment firm Grant Achieve Global (GAG) have sold a 40% holding in the company to Olympus Capital Holdings Asia and Anoi, a Hong Kong-incorporated enterprise.
Q&A: Paul Capital's Bryon Sheets
Bryon Sheets, a US-based partner with Paul Capital who leads secondary private equity coverage, talks to AVCJ about spinning out captive teams in North America and Europe, and the prospects for doing the same in Asia
3Q analysis: The bottom falls out of RMB fundraising
China US dollar funds attract more capital than renminbi vehicles; trade sales and secondary buyouts continue to gather pace; positive early signs for China buyouts
Carlyle offers LPs quick exit route from Asia fund
The Carlyle Group has introduced a liquidity mechanism for its latest Asia buyout fund that facilitates the exit of LPs that want to sell their positions in the vehicle, industry participants tell AVCJ. The private equity firm has used a similar mechanism...
Temasek, Bain in race for TPG's Shriram Transport stake - report
Temasek Holdings, Bain Capital and Piramal Group, a conglomerate run by Ajay Piramal, are reportedly leading the race to acquire TPG Capital's 20% stake in Shriram Transport Finance Corp (STFC), one of the leading commercial vehicle lenders in India....
Secondaries: Access all areas?
With sophisticated regional players at one end and smaller novices at the other, navigating Asia’s nascent secondaries market requires patience, teaching skills and reliable information channels
Secondaries in Japan: A new wave?
Japan’s megadeals of 2006-2007 need to be exited or refinanced. With IPOs off the agenda due to weak public markets and strategic investors’ appetites uncertain, secondary buyouts are a popular option.
Permira buys Japan's Sushiro from Unison
Global buyout firms see potential in cash-rich Japanese corporations that can be guided overseas.
Quadrant in quasi-secondary retail deal
Does Quadrant Private Equity's investment in Super A-Mart and Barbeques Galore constitute a quasi-secondary transaction?