GPs
CDH closes China mid-market fund at $800m hard cap
CDH Investments has closed its China mid-market fund at the hard cap of $800 million, beating the target of $600 million. The vehicle will allow the GP to pursue opportunities that fall below the minimum check size for its flagship private equity fund....
Axiom raises $1b for fourth Asian fund-of-funds
Axiom Asia has closed its fourth pan-regional fund-of-funds at just over $1 billion, sticking to its tried and tested model of a single co-mingled vehicle with no separately managed accounts. The initial target was $750 million.
Q&A: JD Capital's Lei Cai
JD Capital rose to prominence as a pre-IPO investor in China but has since broadened its coverage to include control deals. Lei Cai, the firm’s founding partner and chairman, explains charts the evolution
GP-LP: Rules of engagement
Large LPs want to reduce the number of PE managers in their portfolios and generate more value from the outperformers that remain. The GP-LP relationship is becoming closer and more complicated
AVCJ Awards 2016: AVCJ Special Achievement: K.Y. Tang
K.Y. Tang was among the pioneers of leveraged buyouts in Asia while at UBS Capital Asia. He subsequently spun out to form Affinity Equity Partners, where the success continues
India's Lightbox raises $54m top-up fund
Indian venture capital firm Lightbox has raised a $54 million top-up fund that will be used to make additional investments in certain portfolio companies.
AVCJ Awards 2016: Fundraising of the Year - Large Cap: PAG Asia Capital
Having paid careful attention to liquidity levels in its debut vehicle, PAG Asia Capital took less than seven months to close its second regional fund at $3.6 billion
Asian LPs contribute 23% of Apax's $9b global fund
Asia-based investors account for just under one quarter of commitments to Apax Partners’ latest global fund, which has closed at the hard cap of $9 billion after less than a year in the market.
OPIC backs Unreasonable Capital
The Overseas Private Investment Corporation (OPIC) has committed $5 million to the debut fund being raised by Unreasonable Capital, which focuses on social and environmental issues in emerging markets.
AVCJ Awards 2016: Firm of the Year & Fundraising of the Year - Mid Cap: Quadrant Private Equity
Australia-based Quadrant Private Equity has made a habit of six-week fundraises. The capital continues to target middle-market consolidation plays
Primavera closes second China fund at $1.9b
Primavera Capital Group has reached a final close on its second US dollar-denominated China-focused fund at $1.93 billion, exceeding the target of $1.5 billion.
JD.com spin-out launches $500m China VC fund
GenBridge Capital, a venture capital firm whose founders include two members of Chinese online retailer JD.com’s M&A team, is seeking to raise $500 million for its debut China fund.
Five trends for 2017
AVCJ looks at how its 2016 predictions turned out and identifies some key themes for the year ahead
Fairfax India to raise $500m through public, private offerings
Fairfax India Holdings will raise $150 million though a public share sale and an additional $350 million though a private placement.
To pastures new: Asia PE people moves
A selection of the transfers, promotions, arrivals and departures in the private equity community in 2016
Warburg Pincus closes China fund at $2b hard cap
Warburg Pincus has closed its dedicated China fund – which will invest alongside the firm’s $13.4 billion global flagship vehicle in China deals – at the hard cap of $2 billion after about six months in the market.
Creador closes Fund III at $415m
Creador has reached a final close of $415 million on its third Southeast Asia and India-focused fund, short of the original $450 million target.
The crystal ball: Predictions for 2017
From LPs looking for realizations from GPs as well as paper gains, to the factors contributing to more buyout opportunities in China, industry participants give their perspectives on the year to come
Q&A: Värde's George Hicks
George Hicks, CEO and CIO of global credit investor Värde, on looking beyond big default cycles, taking advantage of bank retrenchment opportunities, and the importance of building strong local teams
Three GPs chosen to manage Australia biomedical fund
OneVentures, Brandon Capital and BioScience Managers have been selected to manage the Australian government’s A$500 million ($375 million) Biomedical Translation Fund (BTF).
Baring PE Asia MD Bala Naidu departs firm
Bala Naidu, an India-based managing director at Baring Private Equity Asia, has left the GP to start his own PE firm.
India GPs must back up value-add claims with returns - AVCJ Forum
Indian GPs are keen to highlight their proprietary deal-sourcing capabilities and operational credentials, but these claims are only meaningful if they have a demonstrative impact on performance, LPs told the AVCJ India Forum.
MBK closes fourth North Asia fund at $4.1b
MBK Partners has reached a first and final close on its fourth North Asia-focused buyout fund at $4.1 billion, a significant step up from the $2.7 billion it raised for Fund III.
Hong Kong PE: Institutional outpost
Hong Kong's regulatory approach can cause headaches for GPs, but the territory offers investors a number of advantages as well