Funds
SK Group raises fund to support struggling firms
Korea’s SK Group has created a KRW100 billion ($85 million) private equity fund intended to promote shared growth with smaller partner companies. Rather than offer loans to suppliers, the fund will invest directly in competitive firms that are struggling...
Renminbi funds face a new reality
“Do you know a company called [name redacted]?” the colleague asked on the phone. “Yes,” I replied. I had been familiar with the firm and its business model for several years. It is a relatively small outfit based in Shanghai, not widely known and not...
Kumho Industrial sells $812m in assets to Korean PE fund
Kumho Industrial, the struggling South Korean conglomerate, has sold KRW946.5 billion ($811.9 million) worth of assets to a private equity fund operated by Korea Finance Corp. in order to boost liquidity. The jettisoned assets include a stake in Daewoo...
Renminbi funds face a new reality
“Do you know a company called [name redacted]?” the colleague asked on the phone. “Yes,” I replied. I had been familiar with the firm and its business model for several years. It is a relatively small outfit based in Shanghai, not widely known and not...
Ex-Apax India head to join Carlyle – report
Neeraj Bharadwaj, former India head of Apax Partners, is tipped to become The Carlyle Group’s newest managing director. The appointment would fill a vacancy created last year by the departure of Rajeev Gupta, head of the private equity firm’s India buyout...
Vermont state pension funds commit $75m to HarbourVest
A HarbourVest Partners fund targeting Europe, Asia and emerging markets has received a $10 million commitment from the Vermont Pension Investment Committee (VPIC). It is part of a $75 million investment by the committee, which represents pension funds...
Maui Capital closes fund at $190m hard-cap
Maui Capital has closed its Aqua fund at its hard-cap of NZ$250 million ($190 million). The New Zealand-based private equity firm had to turn away some larger investors.
Blackstone, Morgan Stanley buy Lloyds Australia loans for $621m - report
Blackstone and Morgan Stanley have bought 34% of a A$1.9 billion portfolio of distressed property loans for A$640 million ($621 million), from a unit of Lloyds Banking Group in Australia.
GSR closes $133m later-stage fund
VC firm GSR Ventures has closed its GSR Opportunities IV fund on $133 million. The vehicle will give existing LPs in GSR’s first four funds the chance to invest in follow-on rounds with top-performing investee companies.
KKR receives $225m from Oregon Investment Council
KKR has won a $225 million commitment from the Oregon Investment Council for its second Asia buyout fund. The buyout firm is currently raising around $6 billion for its KKR Asian Fund II, which will invest across the region.
Bain to target $6b for global fund
Bain Capital has set a target of $6 billion for its new global buyout vehicle, for which it plans to offer three fee options in a bid to attract a more diverse range of LPs.
China property firms turn to PE as lender of last resort
Tightening policies imposed on Chinese real estate developers in recent years have accelerated the appetite for alternative financing channels. It represents a massive opportunity for private equity
Apollo, ICICI Venture near $350m first close on distressed fund
Apollo Global Management and ICICI Venture are close to raising $350 million to invest in Indian distressed assets. The size of vehicle is expected to reach $750 million eventually.
Malaysia launches MyCreative Venture Capital
The Malaysian government will launch a MYR200 million ($63 million) fund to support businesses operating in the country’s creative content sector.
Lazard-backed Hastie Group enters administration
Hastie Group, the Australian engineering company backed by Lazard, has entered into voluntary administration after recapitalization talks failed. It comes after recapitalization talks failed due to “accounting irregularities” led to a profits charge of...
China Life injects $315m into CITIC PE's RMB fund
China Life Insurance has injected RMB2 billion ($315 million) into CITIC Private Equity's renminbi-denominated fund. It comes after the insurance giant invested RMB1.5 billion in Hony Capital's most recent vehicle, a source close to the fundraising activity...
Franklin Templeton raises $319m global real estate fund
Franklin Templeton has closed its latest real estate fund at $319.2 million, exceeding the initial target of $300 million.
Nanostart acquires 10% stake in Stella Specialty Chemicals
Nanostart Asia Pacific has acquired a 10% stake in Singapore-based Stella Specialty Chemicals and plans to increase its holding to around 23% by the beginning of next year. The investment was made through the Nanostart Singapore Early Stage Venture Fund...
Ambit Pragma pases halfway point in fundraising for second vehicle
Indian venture capital firm Ambit Pragma has raised $77 million for its second fund. Ambit Pragma Fund II has a final target of $150 million and is expected to close by March 2013.
Foreign RMB funds at a crossroads
Apparent confirmation that foreign-invested renminbi funds can’t qualify for local treatment has left the leading overseas private equity firms in a quandary. Life has become harder, but all is not lost
Bridging the gap: China fund T&Cs
Differences between the Chinese and US private equity markets are reflected in fund terms and conditions. LPs that back managers operating US dollar and renminbi funds should look carefully at the small print
Globis leads $3.6m Series A round for quiz developer
Globis, the Japanese venture capital firm, has led a GBP2.3 million ($3.6 million) Series A round of funding for Quipper, a UK quiz applications manufacturer. Benesse, a Japanese education and publishing company, and Atomico, the VC firm led by Skype...
Accel, Tiger-backed Freshdesk sets up $10m future fund
Indian technology product start-up Freshdesk, which is backed by international funds Tiger Global Management and Accel Partners, has announced phase one of its $10 million Freshdesk Future Fund, which will provide cloud-based support solutions to new...
CIPEF closes emerging markets fund at $3b
Capital International has closed its sixth emerging markets private equity fund at its hard cap of $3 billion, making it the largest vehicle of its kind to be raised in the last five years.