Financing
Coronavirus & leverage: Room to maneuver?
Economic disruption caused by the coronavirus outbreak is likely to leave many private equity portfolio companies in breach of their leverage covenants. Borrowers and lenders are looking for a fix
Macro factors not slowing private debt in Australia - AVCJ Forum
Leveraged lenders focusing on Australia and New Zealand continue to see strong demand from financial sponsors, with the impact of global macroeconomic volatility likely to be delayed and perhaps muted.
Hong Kong crypto finance start-up raises $28m
Amber Group, a Hong Kong-based start-up offering crypto-based financial services, has raised $28 million in a Series A round led by Paradigm and Pantera Capital.
Ex-GE Capital executives target $300m for Asia credit fund
Sammasan Capital, a credit investment firm established by two former executives with GE Capital in Asia, is looking to raise up to $300 million for its debut fund.
India leveraged finance: Debt delivered
The greater availability of control deals in India is creating opportunities for leveraged lenders as they become more comfortable with the complexities of onshore-offshore capital movements
Australia leveraged finance: Best blend?
Two years ago, unitranche structures were a novelty in Australia’s leveraged finance market. Now they are an integral part of it. For borrowers and lenders, there might be no turning back
Partners for Growth seals debut Indonesia venture debt deal
US venture debt provider Partners for Growth (PFC) has completed its first deal in Indonesia – and one of its largest in Asia Pacific – by extending a $20 million credit line to digital credit start-up Kredivo.
Fund focus: Alteria takes venture debt up a level
India’s Alteria Capital closes its debut fund with about $140 million in commitments and a plan to provide venture debt at later stages. Ecosystem creation is a guiding objective
Alteria closes debut India venture debt fund at $140m
Alteria Capital, an Indian venture debt firm established by InnoVen Capital co-founders Ajay Hattangdi and Vinod Murali, has closed its debut fund at INR9.6 billion ($140 million), beating the INR8 billion target.
Southeast Asia venture debt: Getting acquainted
A host of early movers in Southeast Asian venture debt are attempting to fill one of the last big gaps in the region’s start-up infrastructure. The outlook is promising, but adoption rates remain a concern
Genesis starts Southeast Asia venture debt business
Sassoon Investment Corporation, the family office of the Sassoon family, and Indonesian bank CIMB Niaga have launched Genesis Alternative Ventures, a venture debt provider targeting start-ups in Southeast Asia.
InnoVen raises $200m from Temasek, UOB
InnoVen Capital, a venture debt firm active in India, China, and Southeast Asia, has raised $200 million from its primary shareholders Temasek Holdings and United Overseas Bank (UOB).
India NBFCs: Stemming the flow
India’s NBFC sector has pulled through its recent liquidity issues, but questions remain about the weaknesses that led to the crisis. Investors remain confident but must learn from the experience
Asia leveraged finance: Institutional aspirations
PE firms can obtain financing for leveraged buyouts in Asia on increasingly favorable terms, but this doesn’t necessarily point to institutionalization – or at least, not yet. For now, banks still lead the way
Venture debt: The loan rangers
Venture debt providers are confident that the asset class is set for growth in Asia, though momentum is slow in most markets. Lenders must adapt their strategies to meet local needs if they are to be successful
Sailing, Sanpower-owned Brookstone files for bankruptcy
US specialty retailer Brookstone, which was acquired in 2014 by Sailing Capital and Chinese retail conglomerate Sanpower Group, has filed for bankruptcy again and will close its 102 retail stores located in shopping malls.
Growth mezzanine: Paying their dues
Growth capital situations can provide a healthy source of deals for established mezzanine investors, but high barriers to entry will pose challenges for newcomers
LPs warn of impending downturn in Asia
Institutional investors are preparing for a downturn in Asia – and emphasizing the importance of disciplined deployment – as they see worrying “pro-cycle market behavior” in the private markets space globally.
GP profile: Intermediate Capital Group
In recent years Intermediate Capital Group has branched out beyond traditional mezzanine to embrace deal structures that have no sponsor. It sees ample opportunities in Asia’s developed markets
Alteria reaches first close on India venture debt fund
Alteria Capital, an Indian venture debt firm established by InnoVen Capital co-founders Vinod Murali and Ajay Hattangdi, has reached a first close of INR3.6 billion ($54.6 million) for its debut fund.
Buyouts: Courage of conviction
Buyout firms are responding to higher valuations by doing more to ensure they can bring about transformation in portfolio companies. They are also being more careful in terms of sector selection and leverage
PE-owned Global A&T Electronics files for bankruptcy
Global A&T Electronics, a Singapore-headquartered provider of assembly and test services for semiconductor chips that is controlled by Affinity Equity Partners and TPG Capital, has filed for bankruptcy in the US.
China Renaissance adds strategies, targets $10b in AUM by 2020
China Renaissance has added dedicated healthcare and mezzanine debt strategies to its existing growth-stage private equity offering as part of efforts to more than treble its assets under management (AUM) over the next three years.
MBK hires Deutsche executive to co-lead credit strategy
North Asia-focused buyout player MBK Partners has hired Stephen Le, formerly of Deutsche Bank, to co-head a newly-launched fund that will make credit and special situations investments.
