Secondaries
Manulife secondaries business to target Asia
Manulife Investment Management will target Asia with a newly launched private markets secondary business.
Deal focus: Avataar seeds India SaaS portfolio
Having won support from HarbourVest Partners to spin out a portfolio from his former employer, Norwest Venture Partners, Mohan Kumar is taking aim at India's underdeveloped enterprise software space
Q&A: Pomona Capital's Michael Granoff
Michael Granoff, founder and CEO of Pomona Capital, discusses raising capital from Asian LPs, how GPs can be differentiated in a crowded secondaries market, and why he’s not keen on fund restructurings
China secondaries: Curious conversions
An exit lag and difficulties raising money for renminbi funds in China has created a novel opening for secondaries investors comfortable moving assets from one currency to another
CPPIB confirms $115m investment in India's Delhivery
Canada Pension Plan Investment Board (CPPIB) has confirmed it has invested $115 million in Indian e-commerce logistics services provider Delhivery.
CPPIB cleared to invest in India's Delhivery
Canada Pension Plan Investment Board (CPPIB) has been cleared to acquire a stake of up to 8% in Indian e-commerce logistics service provider Delhivery.
Lazard's Nick Miles take on Asia-Europe role
Nick Miles, leader of the Asia private capital advisory team at Lazard, has taken on a newly created role intended to enhance collaboration between the firm’s operations in Asia and Europe.
India secondaries: Mixed signals
India has skirted around an expected boom in secondaries activity for the past couple of years, but investors haven’t lost faith in the narrative’s eventual unfolding. The devil will be in the details
Temasek-backed PE bonds attract record retail following
A growing number of Singaporean retail investors are seeking PE exposure under a program overseen by Temasek Holdings. Nearly 31,000 applications representing S$820 million ($602 million) were submitted for the S$180 million worth of bonds – backed...
LPs worry about alignment issues in GP-led secondaries - survey
The arrival of GP-led secondary transactions in the private equity mainstream has been accompanied by mounting concerns among LPs that their interests might not be aligned with those of the managers driving these deals.
Temasek-owned Azalea targets $600m from PE-backed bonds
Temasek Holdings-owned Azalea Asset Management is once again offering Singapore retail investors the opportunity to participate in private equity with plans to raise around $600 million through the sale of bonds backed by LP interests in funds.
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
