Buyout
Carlyle reaches $1.5b on fourth Asia buyout fund
The Carlyle Group has so far raised $1.5 billion for its fourth Asia buyout fund, which is expected to reach a final close of $3.5 billion by the end of this year. William E. Conway, the private equity firm’s co-founder and co-CEO, said in the first...
TPG, Northstar in partial exit from Indonesia’s BTPN
TPG Capital and Northstar Pacific Partners have agreed to exit part of their stake in Indonesian lender Bank Tabungan Pensiunan Nasional (BTPN) to Japan's Sumitomo Mitsui Banking Corporation (SMBC).
Carlyle launches Japan fund with $2b target - report
Carlyle is said to have launched its latest Japan-focused buyout fund with a target of $2 billion.
Tata Capital closes Opportunities Fund at $600m
Tata Capital has closed its Tata Opportunities Fund (TOF) with $600 million in commitments, short of its target of $1 billion. The fund was launched back in March 2011, with the mandate of investing within the Tata group of companies and also in Indian...
CITIC, CDH exit early days China SOE buyout
Two facts worth noting about Chinese private equity: first, there is almost always a willing strategic buyer for a well positioned domestic business; second, the vast majority of PE investments are for minority stakes so if the entrepreneur has set his...
Quadrant-backed Virtus Health launches IPO
Quadrant Private Equity-owned in-vitro fertilization (IVF) business Virtus Health launched its IPO road show on Monday. It is poised to be the largest equity offering since SCA Property in November last year and the biggest significant private equity-backed...
NYSTRS commits $85m to KKR’s second Asia fund
New York State Teachers’ Retirement System (NYSTRS) has committed $85 million to KKR’s second Asia fund. The vehicle had received $4.8 billion from investors as of mid-April and is expected to announce a final close of $6 billion within the next two...
Japan’s SMBC in talks with TPG to buy Indonesia bank stake – report
Sumitomo Mitsui Banking Corp (SMBC) is said to be in advanced talks to buy 40% of TPG Capital's stake in Indonesia’s Bank Tabungan Pensiunan Nasional (BTPN). The sale would enable the private equity firm to comply with the 40% cap on foreign ownership...
CITIC, Vector see 3x return on RAE Systems trade sale
CITIC Capital Partners and Vector Capital have exited gas detection equipment manufacturer RAE Systems through a $340 million trade sale to Honeywell. The China-focused GP came in as a co-investor on US-based Vector’s privatization of the company in...
Haves and have nots
It probably comes as no surprise to most readers that Asia Pacific fundraising in the first quarter of 2013 was much slower than in the past. When I covered the tough fundraising conditions in the March 18 viewpoint, I observed that the market is divided...
Lunar takes the bull by the horns
Nothing transforms the fortunes of a start-up quite like a celebrity endorsement. Twenty-five years ago, former Chinese President Hu Jintao, then still a rising star in the Communist Party, visited Yonghong, a family-owned beef jerky producer based in...
Lunar Capital acquires majority stake in China's Guizhou Yonghong
Lunar Capital Management has acquired a majority stake in Chinese snack food company Guizhou Yonghong, for an undisclosed sum. The company produces and distributes processed beef products under the brand of Niutou, which means Bullhead.
CalSTRS commits to FountainVest, Bain Asia funds
The California State Teachers’ Retirement System (CalSTRS) committed $120 million to Asia-focused GPs during the final three quarters of 2012, according to a recent disclosure. The pension system also revealed that its private equity portfolio delivered...
Carlyle hires UBS banker to open Indonesia office – report
The Carlyle Group plans to become the first global buyout firm to open an Indonesia office and has hired a banker from UBS to lead its efforts in a country that has so proved difficult to navigate for many larger PE players. Carlyle completed its first...
Advent International opens China office
Advent International has opened its first China office in Shanghai. Advent China will work on local investments the PE firm's core sectors of chemicals, healthcare, retail, consumer and leisure.
Q&A: Vogo Investment's Jason Shin
Jason Shin, managing partner of Vogo Investment, explains why South Korean company owners’ preference for local partners goes well beyond foreign private equity’s well publicized scrapes
Korea buyouts: Young pretender?
South Korea was the only significant PE market in Asia to see an uptick in deal flow last year. Investors have high expectations; uncertainty among local conglomerates – and local GPs – could make or break them
KKR appoints turnaround specialist as Japan CEO
KKR has hired Hirofumi Hirano, who led the AlixPartners team that advised on the turnaround of Japan Airlines, as managing director and CEO for its Japan operations. Current CEO Shusaku Minoda has been promoted to chairman.
Strained relations: Foreign PE and financial services
Global buyout firms have seen less deal flow in South Korea in recent years, with financial services sector activity a shadow of its former self. This doesn’t necessarily mean they are unwelcome
Unitas sees 3x return on Australia auto parts turnaround
Unitas Capital has secured a 3.3x return on its investment in Australian car parts supplier Exego, after selling the business to US-based Genuine Parts in two tranches worth a combined $950 million, including debt. The private equity firm was unable to...
Carlyle passes $1b mark on fourth Asia buyout fund
The Carlyle Group has raised more than $1 billion for its fourth Asia buyout fund, having reached a first close of $700 million last December, according to sources familiar with the situation. The private equity firm is targeting a final close of $3.5...
Cerberus boosts Seibu tender offer, intensifies row with management
Cerberus Capital Management wants to increase its stake in Seibu Holdings by as much as 12% to 44.7% and nominate nine members of the Japanese rail and hotel operator’s 18-strong board. The move has escalated a row between the private equity firm and...
New Mexico State Investment Council commits to Affinity Fund IV
New Mexico State Investment Council (NMSIC) has agreed to invest up to $75 million in Affinity Equity Partners’ fourth pan-Asia fund. The vehicle reached a first close of $1.5 billion in early March and has a hard cap of $3.5 billion.
KKR sees 5x return on Japan's Intelligence Holdings - Update
KKR will sell Japanese recruitment services provider Intelligence Holdings to Temp Holdings for JPY68 billion ($721 million), including debt. The PE firm's equity exit is worth JPY51 billion ($537 million), putting it on course for a more than 5x money...