Secondaries
Flights of fancy
Jiangyin Zhongnan Heavy industries is a Chinese steel equipment manufacturer harboring an ambition. The Shenzhen-listed company produces more than 40,000 tons per year of pipe fittings and associated paraphernalia, serving petrochemical, shipbuilding,...
Pomona raises $1.75b for global secondaries fund
Pomona Capital has reached a final close on its eighth global secondaries fund at the $1.75 billion hard cap. The vehicle, which had a target of $1.3 billion, was substantially oversubscribed.
Australia’s Ironbridge drops staple from LP secondary exit deal
Ironbridge Capital has dropped its proposed stapled secondary transaction that would have allowed investors to exit or rollover their positions into a new vehicle with the option of making a commitment to a new primary fund. AVCJ understands the deal...
Stapled secondaries: Shades of gray
Secondary restructuring opportunities are on the rise in Asia, but investors are wary of giving managers fresh primary capital on top. Deal flow is hard to source, even harder to execute, and highly bespoke
Tiger Global picks up Alibaba stake for $199m
Tiger Global has agreed to acquire a minority stake in Alibaba Group from Chinese online game developer Giant Interactive Group for approximately $199.1 million. Giant originally invested $50 million in 2011 via limited partnerships managed by Yunfeng...
Auda raises $332 million for third global secondaries fund
Auda International has announced a final close on its third global secondaries fund at $332 million, exceeding the initial target of $300 million. Existing Auda investors accounted for more than 60% of the capital raised.
Portfolio Advisors closes global secondaries fund at $910m
Portfolio Advisors has closed its second dedicated global private equity secondaries fund at $910 million. The vehicle launched in 2011 and began investing in the third quarter of 2012, focusing on direct secondary fund interests.
CVC to acquire $200m stake in China education company – report
CVC Capital Partners is said to be investing around $200 million in Chinese education company EIC Group, buying shares from the founder and existing investor Actis Capital.
HarbourVest's Asia secondaries head becomes managing director
Tim Flower, head of HarbourVest Partners’ secondary activities in Asia, has been promoted to managing director. The move comes just over three years since Flower relocated from London to Hong Kong and one year since he was elevated to principal.
Carlyle invests in India’s Global Health Private
The Carlyle Group has acquired a minority stake in India’s Global Health Private, owner and operator of Medanta – the Medicity, a super-specialty Medanta hospital in the National Capital Region (NCR) of Delhi. The transaction facilitates the exit...
Secondaries specialist NewQuest reaches $215m first close on Fund II
NewQuest Capital Partners has reached a first close of $215 million on its second fund, which focuses on direct secondary opportunities in Asia. A final close of around $300 million – the hard cap is $330 million – is expected in the first half of...
The secondary network: Online platforms
Setter Capital’s Secondary Link is the latest online platform intended to fill the information void in the secondaries market. Industry participants have mixed feelings as to its utility
PE firms bid for CVCI-owned BPO firm SourceHOV - report
Apax Partners, The Carlyle Group and Baring Private Equity Asia are said to be among bidders for SourceHOV, a business process outsourcing (BPO) firm jointly owned by Citigroup Venture Capital International (CVCI) and Mumbai-listed HOV Services.
MBK Partners sells Japan-based Invoice to Lone Star
MBK Partners has fully exited Invoice, Japan’s largest telecom bill aggregation service provider, to Lone Star Funds. The sale price was not disclosed but sources close to the deal said the North Asia-focused private equity firm had generated a 2.5x...
Q&A: Lexington Partners' Brent Nicklas
Brent Nicklas, managing partner at Lexington Partners, on his expectations for private equity secondaries in a global market characterized by increased regulation, consolidation and ever larger LPs
Stepstone completes Greenpark deal
StepStone Group has merged with secondaries specialist Greenpark Capital. The widely-anticipated transaction has been confirmed, but a spokesperson declined to give more information on how it was structured, citing confidentiality requirements.
DRC Capital exits Japan's Casa to Ant Capital
DRC Capital has sold Japan's Casa, a rent guarantee provider formerly known as Rento Go, to Ant Capital Partners and the firm's management. The financial details of the deal were not disclosed.
Australia’s Ironbridge alters LP secondary exit proposal
Ironbridge Capital’s LPs will not be obliged to commit capital to a new fund as a condition of participation in a vehicle set up by the Australian GP to absorb assets held by its first two funds. AVCJ understands that the proposal has been amended so...
Forbidden fruit?
There used to be a time when a private equity fund buying the portfolio company of another private equity fund was a serious faux pas. Nowadays, GPs have become less shy about buying from peers, who in many cases might be selling good but un-exited assets...
Cogent adds to Shanghai team
Cogent Partners has appointed Dominik Woessner as a director in its Shanghai office. He has relocated from the secondary market-focused firm’s London office as part of ongoing efforts to develop its footprint in Asia.
Secondaries: Bifurcation point
More LP interests in Asian funds are coming onto the secondary market, but the region remains the industry’s future rather than its present. Which investors will be around to witness it coming to bloom?
Navis in Australia demographics play
Australian politicians have long debated ways to enlarge the country’s tax base as they prepare for the economic ramifications of a spiraling dependency ratio. By 2050 there will be just 2.7 people of working age for each person aged 65 and over, compared...
Navis buys Australian childcare business from Wolseley
Navis Capital Partners has acquired Australian childcare services provider Guardian Early Learning Group from Wolseley Private Equity with a view to helping the 69-center chain double in size. The transaction value was not disclosed but sources indicate...
Japan's secondaries surge
Secondary deals in Japan spiked in 2011 as buyouts from before the global financial crisis found an exit. With the country's economic prospects improving, industry participants expect the flow to continue