Funds
Sumitomo Mitsui looks to acquire distressed lender Promise Co.
Sumitomo Mitsui Financial Group, Japan’s second-largest lender, will make a $2.6 billion tender offer for all shares it does not already own in distressed consumer lender Promise Co.
Mobeam gets venture capital from Asian, US funds
Mobile coupon and scanning technology developer Mobeam has closed a $4.9 million Series A venture round from Samsung Ventures, the investment arm of Korean tech giant Samsung, Mitsui, a Japanese corporate conglomerate, and US-based yet2Ventures.
Intel Capital invests $20m in Indian tech companies
Intel Capital has invested $20 million in six Indian companies, including semiconductor company Saankhya Labs and Testing Czars, a mobile application provider.
HDFC PE unit commits $90m to Bangalore IT park
The overseas private equity unit of Housing Development Finance Corp. (HDFC) has agreed to invest $90 million in a 200-acre information technology park being planned near Bangalore airport.
MLC Private Equity invests in search engine Blekko.com
MLC Private Equity, a division of the National Australia Bank, has participated in a $30 million round of funding for search engine Blekko.com, alongside the likes of Russian internet company Yandex.
Asia LPs are raising PE allocations, says Warburg Pincus' Landy
Joseph Landy, co-president of Warburg Pincus, said that limited partners in Asia are maintaining or increasing their allocations to private equity on a percentage basis, despite the global economic downturn.
PAG raises $900m for Asia special situations fund
PAG has raised $900 million for an Asia-focused distressed asset fund. It follows a wider trend of private equity assuming the special situations role traditionally occupied by hedge funds and debt- or equity-linked capital for companies in need of funding....
VC-backed Newsummit in $100m JV with US biomed fund
Sequoia-backed Newsummit Pharmaceutical Group, a biomed developer based in Shanghai, has partnered with Cleveland Bio Fund (CBF) to launch a $100 million vehicle to invest in American medical device companies.
Australia portfolio companies: Debt burdens
High profile debt woes among portfolio companies in Australia has put some private equity firms on the defensive – for now
Submit your nominations for the 2011 AVCJ Awards
Diligent readers will recall that we’ve first announced in the August 30 issue of AVCJ that nominations for our 2011 AVCJ Asian Private Equity & Venture Capital Awards are open – to readers as well as the rest of the private equity industry.
Global buyout firms warn of tightening credit markets
Henry Kravis, co-founder of KKR, said that private equity deals are becoming more expensive as debt markets tighten and the cost of capital goes up.
Blackstone raises half its $781m RMB-denominated fund
Blackstone Group has reached the halfway point in fundraising for its RMB5 billion ($781.3 million) debut renminbi-denominated fund, said Michael Sotirhos, senior managing director at the buyout firm.
Trustbridge receives $30m from Arizona pension fund
Trustbridge Partners has received a $30 million commitment for its fourth fund from the Arizona Public Safety Personnel Retirement System. An India sidecar fund on JPMorgan’s Asian Infrastructure & Related Resources Opportunity (AIRRO) Fund will get $25...
Citic Private Equity targets $1.9b RMB fund
Citic Private Equity Funds Management, the PE unit of Citic Securities, has launched its third private equity fund and is aiming to raise RMB12 billion ($1.9 billion). It is expected to target industries including financial services, retail, pharmaceuticals,...
Hiroyuki Watanabe to launch tech-focused venture fund
Former general manager of internet services firm NGI Group Hiroyuki Watanabe has spun out to launch a maiden venture fund.
Aeon nears acquisition of bankrupt Incubator Bank of Japan
Aeon Bank, a unit of the retail and financial conglomerate Aeon Group, is in the final round of talks to purchase the bankrupt Incubator Bank of Japan, The Nikkei reported.
Accel cancels plans for $400m India fund - report
Silicon Valley-based VC firm Accel Partners will not raise a $400 million India-focused fund as previously planned, The Times of India reported, citing unstable market conditions and increased competition as reasons for the decision.
Mayfield appoints venture advisors in India
Tech-focused Mayfield Fund has bolstered its investment team with the appointment of two venture advisors, including Sunil Singh, who will be based in India.
AXA tipped to sell private equity unit for around $670m
French insurer AXA has put its private equity unit up for sale in order to focus on its core insurance business.
Beijing software company gets Series B funding
800App, a Beijing-based CRM software services firm, has received a Series B round of funding from Salesforce.com, as well as from existing investor Sierra Ventures.
Maarten Ruijs: An enduring interest in Asia
Maarten Ruijs, managing partner & chief investment officer of CVC Asia Pacific, reflects on coping with the global economic downturn and explains why he’s in Asian private equity for the long haul
India's alternative lenders
India needs alternative funding channels. A characteristic of most financial sectors in emerging nations is limited product range, which means capital often fails to reach those enterprises with the potential to deliver the best returns. A truck company,...
Chinese regulators call for clampdown on VIE investment structures
The China Securities Regulatory Commission (CSRC) has issued an internal report asking the State Council to take action against the variable interest entity (VIE) structure that underpins much foreign investment in the country.
Khosla Ventures appoints Lightspeed principal as partner
Silicon Valley-based Khosla Ventures has appointed Lightspeed Venture Partners Principal Andrew Chung as partner, charged with brokering cleantech and IT investments.