Exits
China IPOs: Offshore angst
Private equity exit timelines were thrown into disarray last year when US IPOs abruptly stopped. Regulators have offered some clarity, but investors are unsure when – or if – the magic will return
Deal focus: Baring Asia completes Interplex turnaround
Refocusing on high-growth segments like electric vehicles – plus a smarter approach to sales and operations – underpinned Baring Private Equity Asia’s 4x return on engineering business Interplex
Ex-CVC Asia head raises $200m SPAC
Generation Asia Acquisition, a special purpose acquisition company (SPAC) sponsored by Roy Kuan, formerly Asia managing partner at CVC Capital Partners, has raised USD 200m through a US offering.
Baring Asia sells Interplex to Blackstone for $1.6b
Baring Private Equity Asia (BPEA) has sold Interplex, a Singapore-headquartered precision engineering business, to The Blackstone Group for an enterprise value of USD 1.6bn.
Quadrant exits Australia experiential tourism business
Quadrant Private Equity has sold Journey Beyond, an Australia-based experiential tourism business, to US-based Hornblower Group, which is best known for offering cruise and sightseeing packages.
Asia PE investment hits new high in 2021
A rebound in China-based activity took Asia private equity investment to a record USD 105.3bn in the fourth quarter, ensuring that 2021 represents a new high watermark for the industry.
4Q analysis: Record quarter, record year
China rebounds as Asia private equity investment ends 2021 with a bang; bright spots in improving fundraising environment; sponsor-to-sponsor exits thrive while PE-backed IPOs stumble
Bain exits Japan hot spring operator to Lone Star
Bain Capital has sold Ooedo Onsen Monogatari Resorts & Hotels, a Japan-based traditional inn and hot spring chain operator it acquired nearly seven years ago, to Lone Star for an undisclosed sum.
Novo Tellus targets $111m Singapore SPAC
Novo Tellus Capital Partners, a Southeast Asia-based private equity firm that focuses on middle-market industrial technology opportunities, has filed to list a special purpose acquisition company (SPAC) in Singapore.
Vertex, Tikehau lead Singapore SPAC charge
Special purpose acquisition companies (SPACs) backed by Vertex Venture Holdings (VVH) and Tikehau Capital have filed for listings in Singapore.
FountainVest buys China QSR restaurant operator from EQT
FountainVest Partners has acquired China F&B Group (CFB), one of the master franchise operators for Papa John’s and Dairy Queen in mainland China, from EQT for an undisclosed sum.
AGIC exits healthcare business Ritedose to Novo Holdings
AGIC Capital, which specializes in cross-border deals along the China-Europe axis, has agreed to sell pharmaceutical manufacturing and packaging business Ritedose Corporation to Novo Holdings.
Korea's VIG makes first full exit from Fund III
VIG Partners has agreed to exit its 51% stake in eyewear brand Star Vision through a buyback by the South Korean company’s founder and current minority shareholder.
Australia's PEP secures fourth exit in a fortnight
Pacific Equity Partners (PEP) has agreed on exits from two energy infrastructure-related businesses, taking the Australia-based private equity firm to four announced liquidity events within a fortnight.
China's SenseTime perseveres with IPO despite blacklisting
Chinese artificial intelligence (AI) technology developer SenseTime has relaunched its IPO on the same terms, albeit excluding US investors, after being placed on another blacklist by the US government.
Hong Kong seeks compromise on local SPAC provisions
Hong Kong has compromised on several points of contention in its special purpose acquisition company (SPAC) guidelines, notably removing a requirement that investors can only redeem their shares post-merger if they vote against the deal.
NewQuest set for TPG windfall if Fund V hits $1.75b
The management team of Asia secondaries specialist NewQuest Capital Partners stands to receive a $10 million payout if the firm raises $1.75 billion for its fifth fund, as part of TPG’s acquisition agreement.
Carlyle agrees $419m exit from Japan healthcare business
The Carlyle Group has agreed to sell Sunsho Pharmaceuticals, a Japan-based contract manufacturer of dietary supplements, to Towa Pharmaceutical for JPY47.7 billion ($419.5 million).
Japan's Advantage raises renewables-focused SPAC
Advantage Partners has raised $150 million for a special purpose acquisition company (SPAC) that will target de-carbonization and renewable energy-related assets with a focus on Asia ex-China and Europe.
2022 preview: Japan VC
Japanese VC is growing up fast and looking a little less homogenous in the process. A longstanding growth-stage gap is about to disappear as new actors file in
Q&A: Legend Capital's Richard Li
Richard Li, president of Legend Capital, on evolving US-China relations, the logic behind the recent wave of regulation, investing in line with government policy, and why LPs should get used to onshore exits
Deal focus: Longreach eyes long overdue EnTie exit
Mindful of how political maneuvering has undone previous sale processes of Taiwan’s EnTie Commercial Bank, The Longreach Group is on edge as regulators prepare to rule on a $1.2 billion tie-up with IBF Financial
2021 in review: Boom time
Cheap debt and a desire for assets that deliver technology-driven growth have propelled Asia private equity investment to new highs and supported a resurgence in exits. But fundraising still fails to convince
PEP sells Australia, New Zealand healthcare businesses
Pacific Equity Partners (PEP) has agreed two healthcare exits, with Australia-based medical devices distributor LifeHealthcare to be sold to Ebos Group and New Zealand corporate hospital platform Evolution Healthcare going to QIC and Sunsuper.