Private equity exits – outside of the public markets – are gradually emerging from a COVID-19 hibernation. But sellers must be mindful of timing, structure, and which buyers they are targeting
The Blackstone Group has made a partial exit from Indian packaging manufacturer Essel Propack (EPL) – which provides the tubes to 40% of the world’s toothpaste – generating proceeds of INR18.6 billion ($253.4 million).
Warburg Pincus will sell an approximately 5.5% interest in Hong Kong-listed IVF services provider Jinxin Fertility for about HK$1.5 billion ($194 million) through a share placement.
The Carlyle Group has sold 6.5 million shares of Metropolis Healthcare for INR7.5 billion ($98.7 million) to exit nearly its entire position in the Indian medical diagnostics chain.
China's securities regulator has revised rules on public market sell-downs, making it easier for PE and VC investors to exit their positions in portfolio companies post-IPO.
TPG Capital has generated proceeds of approximately A$66.9 million ($44.3 million) through a partial exit from Australian poultry producer Inghams Group, paring its stake to below 10%.
FountainVest Partners and Primavera Capital have paid $557 million for a 24.78% stake in Chinese pharmacy chain Laobaixing. It will provide a full exit for EQT Partners.
The Carlyle Group has made a partial exit from India-listed life insurance company SBI Life, selling one-third of its stake for approximately INR28.2 billion ($392 million).
Malaysian sovereign wealth fund Khazanah Nasional has agreed to sell the Prince Court Medical Centre in Kuala Lumpur to local operator IHH Healthcare for about MYR1 billion ($244 million).
US-based private equity firm JC Flowers is planning to sell nearly all of its stake in Japanese financial institution Shinsei Bank for an undisclosed amount.
Southeast Asia’s internal growth and rising appeal among global investors in recent years have fed expectations that PE and VC exits will follow. The logic is sturdy but detailed projections are elusive
VIG has agreed to make a full exit from Korean camera lens manufacturer Samyang Optics – having taken the business public in 2017 – and will realize a 3.5x gross return on its investment.
Kedaara Capital has sold its remaining stake in Mahindra Logistics (MLL), the logistics and transport service of India’s Mahindra & Mahindra.
Indonesia has become a source of frustration for LPs that want to see more exits. A weak currency, slower growth and rising competition aren’t helping GPs as they seek to deliver the required returns
The Blackstone Group has made a partial exit from Indian IT services provider Mphasis, selling an 8% stake in the publicly traded company for approximately INR14.8 billion ($217 million).
IMM Private Equity has fully exited its investments in Korean pharmaceutical developers Handok and Genexine.
Naspers has sold a small portion of its stake in Tencent Holdings – the Chinese internet giant in which it acquired an approximately one-third stake for $32 million 16 years ago – for HK$76.9 billion ($9.8 billion).
China Investment Corporation (CIC) has exited its remaining stake in The Blackstone Group, ending an investment of nearly 11 years.
TPG Capital has made a partial exit from Inghams Group, the Australian poultry producer it acquired in 2013 and took public in November 2016.
TA Associates has made a full exit from SpeedCast, the satellite telecommunications provider it acquired in 2012 and listed in Australia two years later.
KKR has sold the majority of its stake in Indian coffee shop and restaurant chain Coffee Day Enterprises for INR4.1 billion ($62.6 million).
Navis Capital Partners has agreed to exit its controlling position in Singapore-based circuit board maker MFS Technology. The GP will generate a 3x money multiple and an IRR of more than 40% on the investment.
COPE Private Equity, previously known as CMS Opus Private Equity, has completed its exit from Malaysian oil and gas services provider Serba Dinamik Holdings with a gross 8.9x money multiple and a 79.2% IRR.
Mekong Capital has ended its more than 10-year association with Vietnamese mobile phone retailer Mobile World, completing the last of multiple partial exits to secure an overall return on its investment of 57x.