Funds
Baring sets $5.5b target for latest pan-Asian fund
Baring Private Equity Asia has set a target of $5.5 billion for its seventh pan-regional fund. The firm closed its previous vehicle at $3.98 billion in early 2015.
Baidu Ventures makes $318m first close on AI fund
Baidu Ventures, an independent VC firm set up by Chinese internet player Baidu, has achieved a first close of more than RMB2 billion ($318 million) on its second renminbi-denominated fund that focuses on artificial intelligence (AI).
China’s Legend Star closes $127m VC fund
Legend Star, the early-stage investment arm of China’s Legend Holdings, has closed its third VC fund at RMB800 million ($127 million).
Spiral raises $64m for debut Japan VC fund
Japan-focused Spiral Ventures – known as IMJ Investment Partners until spinning out from its corporate parent last year – has closed its debut fund at JPY7 billion ($64 million).
India's 3one4 closes second fund at $39m
Indian VC firm 3one4 Capital has closed its second early stage fund at INR2.5 billion ($39 million), exceeding its target of INR1.5 billion.
Japan's UTEC raises fourth early-stage fund
University of Tokyo Edge Capital (UTEC) has raised JPY15.5 billion ($142 million) for its fourth fund intended to support the development of research conducted at the university into start-ups.
AlpInvest leads $450m stapled secondary for Southern Capital
A consortium led by AlpInvest Partners has made a secondary investment in Southern Capital Group’s second fund that includes a stapled commitment to the firm’s fourth Southeast Asia-focused vehicle.
BGH sets $2b hard cap for debut Australia fund
BGH Capital, the Australia and New Zealand-focused private equity firm set up by Ben Gray, formerly co-head of TPG Capital in Asia, has set a hard cap of A$2.5 billion ($2 billion) for its debut fund.
Creador targets $500m for Southeast Asia, India fund
Creador is targeting $500 million for its fourth Southeast Asia and India-focused fund. The private equity firm closed its previous vehicle at $415 million in late 2016.
Japan's SBI sets up $450m AI-blockchain fund
SBI Investment, the VC arm of Japan’s SBI Holdings, has launched a JPY50 billion ($450 million) fund that will focus on artificial intelligence (AI) and blockchain technology.
Clearwater, IFC plan $150m distressed asset JV
The International Finance Corporation (IFC), the investment arm of the World Bank,and Clearwater Capital Partners will together invest $150 million in distressed assets in Asia.
LP interview: CalSTRS
Christopher Ailman, CIO of California State Teachers’ Retirement System (CalSTRS) discusses fund sizes, the attractions and limitations of Asia, the problems of listed PE, and the need for fee reform
Asian credit remains attractive for investors
While global investors often express wariness about investments in Asian credit and special situations, industry veterans remain optimistic about the future of the strategy.
ADB commits $50m to True North's India fund
The Asian Development Bank (ADB) has agreed to invest up to $50 million in the sixth fund of Indian private equity firm True North, formerly known as India Value Fund Advisors (IVFA).
Lazard appoints head of Asia secondaries practice
Dominik Woessner, formerly head of Greenhill Cogent’s secondary advisory business in Asia, has joined Lazard to lead the origination and execution of secondaries transactions in the region.
India's Pi Ventures reaches $25m second close on AI fund
Indian early-stage investor Pi Ventures has announced a second close of $25 million on its debut artificial intelligence (AI)-focused fund.
StepStone wins GPIF infrastructure mandate
Japan’s Government Pension Investment Fund (GPIF) – the world’s largest pool of retirement savings – has awarded a global infrastructure fund-of-funds mandate to StepStone Group.
Nissan, Mitsubishi, Renault set up $1b auto VC fund
Automotive giants Renault, Nissan Motor and Mitsubishi Motors have launched a venture capital fund that will invest $1 billion in advanced car technologies with a strong presence in Asia.
4Q analysis: Riding the wave
Chinese companies return in strength to US bourses as investors leverage public market highs; Australia a bright spot as Asia fundraising slows; 2017 sets new record for PE investment on back of big buyouts, tech deals
Hony launches $300m Belt and Road fund, invests in Kazakhstan
Hony Capital has partnered with its portfolio company China Glass Holdings (CGH) to launch a $300 million fund that will invest in glass production projects in countries covered by the One Belt One Road (OBOR) initiative.
Baidu, Singapore's AMI launch $200m auto tech fund
Chinese internet giant Baidu has launched a $200 million fund with Singapore technology conglomerate Asia Mobility Industries (AMI) that will focus on autonomous driving and intelligent transportation.
Affinity closes fifth Asia fund at $6b
Affinity Equity Partners has completed a first and final close on its fifth pan-Asian fund at the hard cap of $6 billion after approximately five months in the market.
Orchid raises $1.3b for Fund VII – update
Orchid Asia has closed its seventh fund at $1.3 billion. The vehicle had initially targeted a final close of $900 million by November 2017.
Q&A: The Carlyle Group's David Rubenstein
David Rubenstein, co-founder and co-CEO of The Carlyle Group, discusses the likelihood of a global economic slowdown, areas of interest in Asia, and the evolution of the private equity funding model