Industry
Formation Group closes debut US-Asia fund at $357m
Formation Group, a Silicon Valley and Asia-focused venture capital firm established by Brian Koo (pictured), co-founder of Formation 8, has closed its debut fund at $357 million.
IL&FS, Lone Star form $550m India distress partnership
India’s Infrastructure Leasing & Financial Services (IL&FS) has launched a $550 million fund to invest in domestic distressed infrastructure assets with US-based GP Lone Star Funds.
Australia's Hostplus commits $65m to seed investor Artesian
Australian superannuation fund Hostplus has committed A$85 million ($65 million) to local seed investor Artesian, taking the venture capital firm’s funds under management to more than A$150 million.
IDG, Sequoia form tourism fund with China CYTS Tours
IDG Capital and Sequoia Capital have formed an investment fund with China CYTS Tours Holdings, a Shanghai-listed travel agency, to invest in consumer-related companies that help improve the traditional tourism industry.
Indonesia's Kejora reaches first close on second VC fund
Indonesian VC firm Kejora Ventures has reached a first close of nearly $25 million on its second fund and plans to expand into Thailand with the support of one of its LPs, the Chareon Pokphand family, which controls local conglomerate CP Group.
K2 Global raises $183m for US-Asia VC fund
K2 Global has raised $183 million for its debut venture fund, which aims to promote cross-border development in Asian and US technology start-ups.
Soft middle: Australia's underserved lower middle market
Fewer GPs are targeting Australia's lower middle market as a result of increasing fund sizes and the difficulties local LPs have writing small-ticket checks. The arrival of new PE firms is encouraging, but they aren't necessarily positioned to fill this...
Cost conundrum: Super funds, fees and private equity
Australian regulators want greater consistency in how superannuation funds report costs and fees to members. While sound in principle, the draft measure is problematic in practice, especially for private equity
China's Meituan-Dianping launches $436m consumer fund
Meituan-Dianping, a China-based online-to-offline (O2O) services platform created through the merger of two rival groups, has launched a RMB3 billion ($436 million) fund that will make early-stage consumer sector investments.
ChrysCapital raises $600m for seventh India fund
ChrysCapital has closed its seventh India fund with more than $600 million, beating its target.
Q&A: Adamantem Capital's Anthony Kerwick & Rob Koczkar
After more than 25 years between them at Pacific Equity Partners, Anthony Kerwick and Rob Koczkar departed in 2014 to pursue other opportunities. They have now joined forces as Adamantem Capital
The hybrids: GPs seek to work with Australian family offices
Australia’s lower middle market is rich in investment opportunities but underpenetrated by private equity. Local family offices are increasingly keen on participating, although in their own way
Singapore's Temasek opens San Francisco office
Singapore’s Temasek Holdings has opened an office in San Francisco, expanding its US presence following the establishment of a New York office in 2014.
CDC, Manipal launch $80m emerging markets healthcare fund
UK-based development finance institution (DFI) CDC Group has partnered with India’s Manipal Education & Medical Group for an $80 million fund targeting healthcare investments in emerging markets.
China's CITIC Group launches $873m education fund
An investment unit of Chinese conglomerate CITIC Group has launched a RMB6 billion ($873 million) buyout fund that focuses on China's education sector.
Ex-CHAMP Ventures, Quadrant executives raise $211m fund
Three former CHAMP Ventures executives have teamed up with George Penklis, a co-founder of Quadrant Private Equity, to raise a A$275 million ($211 million) Australia and New Zealand middle-market fund.
Fund focus: VIG steps up for Fund III
South Korea VIG Partners closed its third fund at the hard cap of $600 million, having won over LPs with its past history and future prospects in buying and building middle-market consumer businesses
Singapore's CapBridge launches $100m VC fund
Singapore-based investor CapBridge Investment Trust (CIT) is targeting $100 million for a growth-stage VC fund that aims to improve access to established start-ups for institutional investors.
Private debt player Pricoa establishes a presence in Australia
Pricoa Capital Group, a private debt investment group under PGIM, Prudential Financial’s global asset management business, has established a team in Sydney to target middle market opportunities in Australia and New Zealand.
Profile: Delphinium Capital's Vivian Yan
After experiencing sexism first-hand in Hong Kong’s male-dominated private equity industry, Vivian Yan launched Delphinium Capital Partners, which backs companies with gender-balanced management teams
Blackstone's India co-head leaves to run own firm
Matthew Cyriac (pictured), co-head of The Blackstone Group’s India private equity team, has left the firm to run his own asset management business.
Fund focus: Asian LPs back AGIC's cross-border proposal
AGIC Capital is targeting up to three more deals in 2017 as its debut Asia-Europe fund closes at $1 billion, having received strong support from Asian LPs
Softbank to buy US-listed Fortress for $3.3b
SoftBank Group has agreed to acquire Fortress Investment Group – which manages $36.7 billion in alternatives – for approximately $3.3 billion in cash. It puts the Japanese company on course to become one of the world’s largest asset managers.
Asia value creation: Internal repairs
Private equity investors in Asia are responding to an increasingly competitive deal-sourcing environment with a stronger focus on value-add, but successful implementation will require a cultural commitment