Financing
2023 preview: Buyouts
Even though debt is more readily available in Asia than in the US or Europe, financing costs are up, and buyout investors are reluctant to move for assets in an uncertain and overvalued market
Goldman invests in KKR-owned Goodpack as part of refinancing
Goldman Sachs Asset Management (GSAM) has made a structured investment in Goodpack, a Singapore-based container manufacturer controlled by KKR, as part of a broader refinancing transaction.
Asia secondaries: Layers and structures
With private market valuations yet to see a meaningful reset in Asia and heightened risk factors in China, investors are exploring ways to drive secondary deal flow by closing the bid-ask spread
Uncertainty prompts deal financing discipline – AVCJ Forum
Large-cap buyout investors told the AVCJ Private Equity & Venture Forum they are hesitating to underwrite higher returns as debt terms tighten in cloudier market conditions.
Deal financing: Homegrown solutions
Private equity firms are relying more heavily on Asia-based debt investors to support leveraged buyouts amid a loan logjam in the US, highlighting the region’s innovation and durability
Nue3 Capital leads Series C for Singapore's SuperAtom
Singapore-based financial technology start-up SuperAtom has raised USD 22m in Series C funding led by Malaysia's Nue3 Capital at a valuation of USD 370m.
Australia take-privates: Going large
A combination of abundant dry powder and friendly financing conditions are encouraging global GPs to pursue ever-larger listed companies in Australia. For now, macro headwinds are no deterrent
Leveraged finance: ESG sells
Private equity firms in Asia are increasingly willing to consider sustainability-linked credit facilities, and banks are generally happy to provide them. Speed is currently delaying standardisation
Hong Kong digital asset custodian Hex Trust raises $88m
Hong Kong-based digital asset custodian Hex Trust has raised a USD 88m Series B round co-led by local counterpart Animoca Brands and US crypto specialist Liberty City Ventures.
Livingbridge gets ESG-linked credit facility in Australia from Ares
Livingbridge has secured AUD 280m (USD 206m) in sustainability-linked credit facilities from Ares Management to support its acquisition of Australia-based waste management services provider Waste Services Group (WSG).
Baring Asia completes $386m recap of CitiusTech
Baring Private Equity Asia (BPEA) has completed a USD 385.9m dividend recap and refinancing of loans tied to its 2019 acquisition of India-based healthcare IT services business CitiusTech.
TPG-owned clinical trials player raises new equity, debt
Novotech, an Asia-based clinical trials specialist controlled by TPG Capital, has secured USD 760m in new equity and debt financing at a post-deal valuation of approximately USD 3bn.
Baring Asia creates sustainability-linked credit facility
Baring Private Equity Asia (BPEA) has secured a $3.2 billion loan to support its private equity platform with interest rate reductions linked to performance against a series of sustainability metrics.
India NBFCs: Agreeable aftermath
India’s non-bank financiers remain attractive investment targets as a convergence of macro and systemic shocks tests the market. Sturdy underlying drivers provide confidence as models evolve
Asia travel & hospitality: Ready to board?
The outlook for international tourism remains uncertain, but this hasn’t stopped some private equity and venture capital investors targeting travel and hospitality assets in Asia. It pays to be selective
Subscription credit: Fine lines
Increased standardization on disclosure has improved the visibility LPs have into how private equity firms are using subscription credit lines, but they must be mindful of attempts to loosen terms.
Singapore venture debt provider wins US strategic support
Singapore-based venture debt provider Genesis Alternative Ventures has secured an investment of undisclosed size for its debut fund from US-based Capria Ventures.
KKR, Japanese banks pump $1.2b into Marelli
Marelli, a leading global automotive components supplier formed when KKR combined Japan’s Calsonic Kansei Corporation with Europe-based Magneti Marelli, has secured JPY130 billion ($1.2 billion) in additional funding to ride out a market downturn.
Coronavirus & capital calls: Time to draw?
With GPs and LPs placing a premium on liquidity, there is more scrutiny of capital call processes. Some managers are pushing for changes to documentation, but will investors relent?
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
