Exits
UAE’s EMPG acquires Rocket-backed Lamudi Global
EMPG, a real estate classifieds marketplace group headquartered in the United Arab Emirates, has acquired Lamudi Global, which runs property market portals in the Philippines and Indonesia.
China last-mile delivery platform files for US IPO
Dada Nexus, a Chinese last-mile delivery platform backed by the likes of JD.com, Walmart, Sequoia Capital China, and DST Global, has filed for a US IPO.
Everstone sells Asia payroll business to US strategic player
India and Southeast Asia-focused private equity firm Everstone Group has agreed to sell Singapore-headquartered human resources software provider Excelity Group to US peer Ceridian. The size of the deal has not been disclosed.
Cashlez gains on debut after Indonesia IPO
Indonesian mobile point-of-sale solution provider Cashlez - a portfolio company of Mandiri Venture Capital - traded up on debut following an IDR87.5 billion ($5.7 million) domestic IPO.
China's Kingsoft Cloud files for US IPO
Kingsoft Cloud, China’s largest independent provider of cloud-based IT services, has filed to list in the US. Kingsoft Corporation and Xiaomi, the two largest shareholders, have indicated they will commit $75 million to the offering.
Go-Jek completes acquisition of VC-backed Moka
Indonesia’s Go-Jek has completed its acquisition of Moka, a local financial technology provider with several VC backers, in a deal estimated to be worth $130 million.
Coronavirus thwarts PE partial exit from Indonesia's BFI Finance
Italian lender Compass Banca has abandoned its purchase of a 19.9% stake in Indonesia’s BFI Finance from TPG Capital and Northstar Group, citing economic disruption created by the coronavirus outbreak.
Baring Asia restructures retailer Cath Kidston
Baring Private Equity Asia has agreed a restructuring of Cath Kidston, a UK lifestyle retailer it has backed since 2014, under which the company has entered administration and will reemerge as a smaller business.
Akeso Biopharma trades up after $333m Hong Kong IPO
Akeso Biopharma, a private equity-backed Chinese drug developer specializing in treatments that use the immune system to fight cancer, saw its stock jump 50% in early trading on the Hong Kong Stock Exchange following a HK$2.58 billion ($333 million) IPO.
Hong Kong's 8 Securities acquired by US player
8 Securities, a Hong Kong-headquartered app-based brokerage, has been acquired by SoFi, a financial technology company based in the US.
Carlyle achieves partial exit in India’s Metropolis Healthcare
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.
Blackstone-owned Burger King NZ enters receivership
The Burger King New Zealand franchise, which was acquired by The Blackstone Group for NZ$108 million ($86 million) in 2011, has been placed into receivership.
HighLight-backed Zentalis raises $165m in US IPO
Zentalis Pharmaceuticals, a US-based cancer drug developer, raised $165.2 million in its NASDAQ IPO, facilitating a liquidity event for Chinese healthcare investment specialist HighLight Capital.
VC-backed Chinese AR start-up raises $26m in US IPO
WiMi Hologram Cloud, a PE-backed Chinese augmented reality (AR) technology developer, traded flat on its opening day on NASDAQ following a $26.1 million IPO.
Deal focus: Carlyle's SBI Cards bet pays out
The Carlyle Group achieved an 8x return through a partial exit via SBI Cards’ IPO. The private equity firm still holds a 16% stake and is a resolute believer in the growth potential of India’s credit card market
Australia’s Carnegie exits Assetic in PE-backed bolt-on
Australian VC investor MH Carnegie has exited asset management software specialist Assetic to Dude Solutions, a similar private equity-owned company in the US.
Coronavirus & secondaries: Niche dilemmas
Anecdotal feedback from secondaries professionals reveals a quick onset of stagnation in the market due to COVID-19. Creative workarounds are not impossible, but almost
AVCJ Awards 2019: Operational Value Add: EuroKids International
Gaja Capital put its India buyout philosophy to the test with EuroKids International in 2013. Operational improvements – and a lucrative exit – have vindicated the approach
Australia's PE-owned Tigerlily enters administration
Tigerlily, an Australian swimwear brand acquired by Crescent Capital Partners in 2017, has entered administration following a collapse in sales attributed to the COVID-19 outbreak.
Storm warning: Investors prepare for macro difficulties
The coronavirus outbreak appears to be fast-tracking a long-expected economic downturn. The situation is very different from the aftermath of the global financial crisis, but PE investors may still draw instruction from the events of 2008-2009
PE-backed InnoCare raises $288m in Hong Kong IPO
InnoCare Pharma, a private equity-backed Chinese drug developer focused on treatments for cancer and autoimmune diseases, has raised HK$2.24 billion ($288 million) through a Hong Kong IPO.
Carlyle secures partial exit from India's SBI Cards
The Carlyle Group has generated proceeds of approximately INR70.3 billion ($951 million) through a partial exit from SBI Cards & Payments, the State Bank of India's (SBI) credit card issuing arm, through a recent IPO.
UK strategic acquires China's VC-backed Yimian Data
UK-based enterprise IT services provider Ascential has acquired Yimian Data, a Chinese e-commerce analytics business backed by local VC firms ZhenFund and Legend Star.
Coronavirus intensifies Asia exit, performance concerns - Bain
Asian private equity investors face considerable challenges in 2020 with the coronavirus outbreak likely to exacerbate existing concerns around an impending global downturn, a drop-off in exits and dwindling deal-making activity in China, according to...