Secondaries

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.

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
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...

  • Exits
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...

  • Exits
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

Baring Asia completes Korea parcel delivery buyout

Baring Private Equity Asia has announced the acquisition of South Korean courier firm Logen. Details of the deal, said to be worth around KRW160 billion ($140 million), emerged last month prior to closing. The seller is Mirae Asset Private Equity.

Secondaries valuations remain challenging – KIC

Korea Investment Corporation (KIC) will increase its allocation to alternatives to as much as 25%, up from 15%, but CIO Don Lee said there were no immediate plans to add managers in the secondary space, citing valuation challenges in the market.

JAIC spin-out seeks VC secondaries

Private equity secondary exits have seen a resurgence in Japan in the last two years, with more than $5.3 billion transacted. In only one year previously - 2007 - has deal value surpassed $1.3 billion. For two groups of industry participants, the prospects...

KKR kicks tires, buys Alliance

India is expected to see an increasing number of secondary buyouts in the next couple of years as GPs look for ways to monetize existing portfolios in the face of a difficult public market environment. While KKR's acquisition of Warburg Pincus' majority...

KKR pays $500m for Warburg's Alliance Tire Group stake

KKR has agreed to buy Warburg Pincus’ controlling stake in Indian tire make Alliance Tire Group. Terms were not disclosed, but sources familiar with the transaction told AVCJ that KKR will pay $450-500 million for an approximately 75% stake as well as...

Polaris acquires Japanese salon operator

Polaris Capital has acquired a majority stake in Japanese salon and sports club operator Socie World for a reported JPY3 billion ($32 million). The capital came from the private equity firm’s third vehicle, which has so far raised JPY36 billion, just...

Mekong trims Mobile World stake, looks to IPO

Is Mobile World the next Masan Consumer Corp? The as yet unnamed private equity firm that picked up part of Mekong Capital’s stake in the Vietnamese mobile phone retailer is certainly hoping so.

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

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...