Buyout
Affinity completes debut Indonesia deal
Affinity Equity Partners has completed its first Indonesian investment, securing a significant minority stake in local auto services group Mitra Pinasthika Mustika (MPM) for about $100 million.
CVC-backed Nine makes new restructuring proposal
The management of Nine Entertainment, the beleaguered Australian media company owned by CVC Capital Partners, has put forward a new proposal for restructuring its A$3.8 billion ($3.9 billion) in debt. Adrian McKenzie, CVC’s Australian managing partner...
Dragon Capital funds secure continuation vote from shareholders
Shareholders in two Vietnam-focused funds managed by private equity firm Dragon Capital have voted in support of the continuation of the vehicles.
Baring PE Asia in new attempt at Courts IPO
Baring Private Equity Asia has resumed efforts to list electronics and furniture retailer Courts Asia in Singapore. The PE firm, which controls Courts through Asia Retail Group, attempted an IPO in 2010 but withdrew the offer due to valuation concerns.
TPG hires Credit Suisse’s Francis Woo for Southeast Asia – report
TPG Capital has reportedly hired Francis Woo as a principal for its Southeast Asia team. He was previously director and co-head of corporate finance for Southeast Asia at Credit Suisse.
CDH Investments targets $2b buyout fund – report
China's CDH Investments is reportedly targeting as much as $2 billion for its latest fund, joining a host of PE players seeking to raise multi-billion dollar vehicles in the region.
Carlyle cautious on China prospects
William Conway, co-CEO of The Carlyle Group, has said the private equity firm is less confident about its prospects in China due to slowing economic growth and increased competition.
CVC’s Australia head resigns
CVC Capital Partners’ Adrian MacKenzie, the managing partner responsible for investments in Australia, has resigned. The move comes as the private equity firm prepares to write off almost the entire A$1.9 billion ($1.97 billion) in equity that was pumped...
Affinity launches $3.5b pan-Asia fund - report
Affinity Equity Partners is reportedly looking to raise up to $3.5 million for a new pan-regional vehicle. The firm – which was founded by former UBS Asia chairman KY Tang – has given MVision the mandate as placement agent.
MBK targets $2.25b for fund III
MBK Partners has launched its third buyout fund with a target of $2.25 billion, AVCJ has been told. It is the latest in a string of large-cap pan-regional funds to enter the market, joining the likes of KKR, TPG Capital, The Carlyle Group and RRJ Capital.
Carlyle offers LPs quick exit route from Asia fund
The Carlyle Group has introduced a liquidity mechanism for its latest Asia buyout fund that facilitates the exit of LPs that want to sell their positions in the vehicle, industry participants tell AVCJ. The private equity firm has used a similar mechanism...
Global buyout firms see rich pickings in Japan – AVCJ Forum
The scope for private equity buyouts in Japan is widening due to falling public market valuations and clear opportunities for value-add within portfolio companies, according to panelists at the AVCJ Japan Forum, which opened in Tokyo on Thursday.
Longreach nears $400m final close on second fund
The Longreach Group is nearing a final close of around $400 million for its second fund. An announcement is expected within a month, market sources told AVCJ.
PAG announces final close of $2.5b on Asia fund
PAG has announced a final close on its debut private equity fund at $2.5 billion. PAG Asia I is a pan-regional buyout vehicle with a particular focus on China. The vehicle is slightly larger than Baring Private Equity Asia's fifth vehicle, which closed...
KT, NPS, Korea Post set up outbound M&A fund
Korean telecom giant KT Corporation has teamed up with the National Pension Fund (NPS) and Korea Post to form a KRW1 trillion ($883 billion) fund that will make acquisitions overseas. It is the latest of several initiatives launched by Korean corporations...
Buyout firms progress in Indonesia healthcare auction - report
The Blackstone Group, Bain Capital, KKR and Abraaj Capital are said to have made it through to the second round of the auction process for a 20% stake in Siloam, Indonesia’s biggest private hospital firm. The deal is expected to be worth up to $300...
KKR hires Akhil Puri for India Capstone team
KKR has hired Akhil Puri from TPG Capital as a director for its Capstone unit. He will lead the private equity firm’s engagement with its portfolio companies in India. Capstone’s current assignments in the country include Dalmia Cement and supporting...
Baring PE India could raise $700m fourth fund – report
Baring Private Equity Partners India is reportedly considering the launch of a fourth fund by 2014 that would target $500-700 million. The vehicle’s main focus would be high-growth sectors.
Blackstone names Baratta head of global private equity
The Blackstone Group has promoted Joe Baratta to head of global private equity. He currently leads the firm's European private equity operations.
Bain closes second Asia fund at $2.3b
A host of leading PE firms is in the market, seeking to raise pan-Asia funds of $2 billion or more. Last week, Bain Capital became the first to cross the finish line. Its second regional fund closed at $2.3 billion, roughly halfway between the initial...
Titan considers stake sale as Warburg takes legal action
Titan Petrochemicals, the Hong Kong-listed shipping and oil storage firm, is in talks to sell a controlling stake to an unnamed third-party investor. The announcement comes as the company faces a winding up lawsuit filed by Warburg Pincus.
Carlyle exits Sinorgchem to China’s Sinochem
The Carlyle Group has exited its holding in rubber additives producer Jiangsu Sinorgchem Technology through a trade sale to Sinochem International, the overseas arm of the Chinese state-owned chemicals company. This is one of a series of transactions...
KKR reaches halfway point on $6b Asia fund
KKR has reached the halfway point in fundraising for its second Asia fund, receiving more than $3 billion in commitments. According to a regulatory filing, third-party investors have pledged $2.76 billion to KKR Asian Fund II, with general partners putting...
KKR to establish investment team in Singapore
KKR will open an office in Singapore as a base for its investment activities across Southeast Asia. AVCJ understands that an announcement is forthcoming, with about eight investment professionals working out of the new office, although Ming Lu, the firm’s...