Exits
PE holding periods: The optics of exits
Should you take a 3x return today or wait for a potentially larger exit next year? For GPs, this decision is complicated by fears of a downturn, the timing of future fundraises, and conflicting LP feedback
CVC exits Japanese care provider to Polaris
CVC Capital Partners has agreed to sell Hitowa Holdings, a Japan-based provider of cleaning, assisted living and childcare support services, to Polaris Private Equity.
PE-backed ticketing player falls on debut after $287m HK IPO
Maoyan Entertainment, a Chinese online movie ticketing business backed by Tencent Holdings and several private equity investors, fell on its trading debut in Hong Kong following a HK$2.25 billion ($287.1 million) IPO.
China reveals qualification criteria for Shanghai tech board listings
China has unveiled details of the highly anticipated new technology and innovation board, which is set to adopt a registration-based system that should allow a shorter route to liquidity for PE and VC investors.
Corsair exits DP World Australia
Corsair Capital has agreed to exit most of its controlling stake in DP World Australia to the shipping services provider’s original corporate parent.
PE-backed Manpower unit files for Hong Kong IPO
Manpowergroup Greater China, the China branch of American staffing giant Manpower Group, has filed for a listing on the Hong Kong Stock Exchange.
PE-backed Shenzhen Scholar files for Hong Kong IPO
Shenzhen Scholar Education, a Chinese after-school tutoring business backed by CRE Alliance, has filed for an IPO in Hong Kong.
Baring Asia, Onex to list Clarivate through reverse merger
Baring Private Equity Asia will list Clarivate Analytics – an education business it acquired from Thomson Reuters in conjunction with Onex Corporation – through a merger with a special purpose investment vehicle that trades in New York.
American Express buys Japan's Pocket Concierge
American Express has acquired Pocket Concierge, a Japanese digital services provider for the restaurant industry backed by several domestic venture capital firms.
Singapore to help tech start-up IPOs
The Monetary Authority of Singapore (MAS) has created a program that will encourage technology start-ups to list in the territory.
Tencent-backed Weimob surges 14% on Hong Kong debut
Weimob, a Shanghai-based provider of marketing and cloud services to online merchants that is backed by Tencent Holdings and several private equity firms, has surged 14% on its first day of trading on the Hong Kong Stock Exchange.
AVCJ Awards 2018: Exit of the Year - Mid Cap: Novotech
Mercury Capital secured a 15.7x return by helping Australian clinical trials specialist Novotech upgrade its marketing and personnel as well as pursue Asian expansion
AVCJ Awards 2018: Firm of the Year - Large Cap: Bain Capital
Bain Capital’s recent investment and exit activity underlines the importance of cross-border competencies. The GP also won the awards for Deal of the Year - Large Cap and Exit of the Year - Large Cap
SunBridge exits Marketo's Japan JV to Adobe
SunBridge Partners, a US-based VC firm that helps companies access Japan, has exited its position in a Japanese joint venture (JV) with B2B cloud technology provider Marketo to Adobe.
AVCJ Awards 2018: Exit of the Year - IPO: Pinduoduo
By making the shopping experience more enjoyable and efficient, Chinese social e-commerce player has achieved scale at breakneck speed. A bumper US public offering was its reward
PE-backed AsiaInfo raises $115m in Hong Kong IPO
AsiaInfo Technologies, a Chinese telecom software provider that was privatized by a CITIC Capital-led consortium in 2014, has raised HK$899.3 million ($115 million) in its Hong Kong IPO.
AVCJ Awards 2018: Firm of the Year - Mid Cap: Quadrant Private Equity
Chris Hadley, executive chairman of Quadrant Private Equity, reflects on the key themes underpinning the firm’s activities in Australia and – increasingly – overseas as well
Actis exits India's Symbiotec to MOPE, Invascent
Motilal Oswal Private Equity (MOPE) and healthcare-focused GP Invascent Capital have invested in Indian pharmaceutical developer Symbiotec Pharmalab, providing an exit for Actis Capital.
Timeline: 2018 by numbers
A selection of the key fundraising, investment and exit events - presented in chronological order - from the past 12 months
Fosun-owned Henlius Biotech files for Hong Kong IPO
Shanghai Henlius Biotech, a Chinese drug developer controlled by Fosun Group, has filed for a Hong Kong IPO. Third-party investors include Loyal Valley Capital and China International Capital Corporation (CICC).
Junshi Biosciences seeks up to $414m in HK offering
Shanghai Junshi Biosciences, a Chinese drug developer backed by Hillhouse Capital, is seeking to raise up to HK$3.2 billion ($414 million) through a Hong Kong IPO.
PE-backed Tencent Music gains on US debut
Chinese music streaming platform Tencent Music Entertainment Group (TME) gained 7.7% on its US trading debut, following a $1.1 billion IPO that facilitated partial exits for several investors.
CVC makes partial exit as Arteria raises $193m in Japan IPO
CVC Capital Partners has made a partial exit from Arteria Networks as the Japanese enterprise-focused broadband provider raised JPY21.9 billion ($193 million) in its Tokyo IPO.
2018 in review: Volatility vortex
Pan-regional funds attract the bulk of capital while the renminbi space withers; mixed fortunes for internet IPOs and trade sales; big buyouts fail to deliver but growth-stage tech stays strong
