Fundraising
China's Sinovation Ventures raises $674m across two funds
Chinese early-stage VC firm Sinovation Ventures, formerly Innovation Works, has closed its third US dollar-denominated fund and second renminbi fund, with more than $674 million in aggregate commitments.
Innovation Works launches fund with China's Zall Group
China-based early-stage investor Innovation Works, which was founded by former Google China head Kai-Fu Lee, has teamed up with Hong Kong-listed real estate developer Zall Group to launch a private equity fund.
CDPQ, KIA back ICICI-Tata power projects platform
Canadian pension plan Caisse de depot et placement du Quebec (CDPQ) and Kuwait Investment Authority (KIA) have backed a platform launched by India’s ICICI Venture and Tata Power that will invest in domestic power projects.
Australia's H2 Ventures taps public markets for fintech vehicle
Australia's H2 Ventures plans to raise up to A$55 million ($42 million) through an IPO for a dedicated unit that will make early and growth-stage investments in global financial technology start-ups.
Korean LPs back Lindeman's $273m China fund
Lindeman Asia Investment, a South Korea and China-focused PE firm that concentrates on small and medium-sized enterprises, has launched a KRW300 billion ($273 million) fund with backing from domestic LPs.
Ex-JP Morgan China president joins local VC firm
Brett Krause, former president of J.P. Morgan Chase China, has joined PurpleSky Capital as managing partner with a view to helping the local early-stage VC firm launch a debut US dollar-denominated fund.
Equity International raises Asia fund to support e-Shang Redwood
Equity International (EI), a Chicago-based investment firm focused on real estate and infrastructure platforms in emerging markets, has closed its first Asia-focused fund, aimed at supporting Chinese warehouse firm e-Shang Redwood (ESR).
Secondaries: Stick or twist?
After several years of rapid growth, secondaries volumes slowed in the first half of 2016, while fundraising reached an all-time high. Opinion is divided on the prospects for an increasingly nuanced market
Australian government launches $15m cleantech fund
The renewable energy division of Australia’s Department of Industry, Innovation & Science has launched a A$20 million ($15.3 million) seed fund that will focus on domestic clean energy start-ups.
Singapore's Venturecraft launches $37m tech fund
Venturecraft, a Singapore-based VC investor and accelerator, has launched a new S$50 million ($37 million) investment fund aimed at early and growth stage medical technology (medtech) and internet start-ups in Asia.
PE exposure vital in weak global economy - Future Fund
Exposure to private equity and venture capital – where it is driven by true value creation rather than financial leverage or strong economic growth – has never been more important, according to Raphael Arndt, CIO of Australia’s Future Fund.
Korean LPs prioritize yield-generating alternatives - AVCJ Forum
Korean institutional investors are raising their allocations to alternative assets, but a need for yield means they favor assets like private debt and infrastructure over private equity.
Fund focus: Kerogen plays the long game
In the early stages of deployment of its $830 million second fund, Kerogen Capital faces a very different energy sector to the previous cycle, characterized by lower costs, lower entry prices and reduced competition
Side letters: A little extra
The proliferation of side letter provisions submitted by LPs as conditional on their participation in a fundraise is adding to administrative workloads. Private equity firms must negotiate carefully
China Everbright, Focus Media form $750m TMT fund
China Everbright and its portfolio company Focus Media, a Chinese outdoor advertising business, have launched a RMB5 billion ($750 million) investment fund that will invest in the technology, media and telecom (TMT) sector.
LP interview: QIC
Australia-based QIC is one of a handful of LPs able to co-underwrite investments alongside GPs. While there have been a few domestic solo deals, the group still sees itself more as partner than rival
IFC commits $15m to Philippines PE fund
The International Finance Corporation (IFC) will invest up to $15 million in the debut fund of Philippines-based private equity firm Sierra Madre Managers.
General Atlantic, Ctrip back tourism-focused China PE firm
Ocean Link, which claims to be the first PE firm dedicated to investing in China’s travel and tourism sector, has received backing from General Atlantic and domestic online travel agency Ctrip.
Kerogen closes second energy fund at $830m
Kerogen Capital, a Hong Kong-headquartered GP specializing in international energy investments, has closed its second fund at $830 million.
CDH closes $525m renminbi mezzanine fund
China-based CDH Investments has closed its latest renminbi-denominated mezzanine fund at RMB3.5 billion ($525 million), exceeding a target of RMB2 billion.
Piramal, Bain form distressed asset partnership
Indian conglomerate Piramal Enterprises has partnered with Bain Capital Credit to invest in distressed assets and restructuring situations in India.
KKR seeks up to $7b for third Asian fund
KKR will target between $6 billion and $7 billion for its third pan-regional fund, taking a relatively small step up from the previous vehicle, which closed at $6 billion in mid-2013.
Indian recruiters launch $10m VC fund
Indian recruitment companies Kelly Services India and Temp Holdings have launched a INR670 million ($10 million) venture capital fund focused on human resources-focused start-ups.
New Zealand's Oriens Capital raises $21.8m
New Zealand private equity firm Oriens Capital has received commitments for its debut fund in excess of the vehicle’s first-close target of NZ$30 million ($21.8 million).