Industry
Bank of America raises $8.3b in partial exit from CCB
Bank of America (BofA) on Monday sold about half its 10% holding in China Construction Bank (CCB), raising $8.3 billion. The lender, which is in the process of shedding non-core assets and boosting its tier-one capital, sold 13.1 billion shares to group...
Beacon, Mirah Hospitality back Indian fine dining chain
Beacon India Private Equity has invested INR80 million ($1.7 million) in Impresario Entertainment and Hospitality, which operates fine dining restaurants Mocha and Smoke House Deli. The firm’s contribution comes alongside a INR400 million commitment from...
Sino-Forest expected to default on $1.3b in debt
Sino-Forest, the Toronto-listed Chinese timber firm whose chairman and CEO resigned on Sunday after regulators expressed concerns about fraudulent activity, is expected to default on its $1.3 billion of debt.
India's Reliance Broadcast in talks with prospective PE investors
Reliance Broadcast Network is in talks with private equity investors over the sale of INR4 billion ($87 million) in preferential shares. Asheesh Chatterjee, Reliance’s CFO, told The Wall Street Journal that the company hopes to reach agreements by the...
Bank of America expected to exit over half its CCB stake this week
Bank of America (BofA) is on course to sell more than half its stake in China Construction Bank (CCB) for up to $10 billion this week. A consortium of Asian and Middle East sovereign wealth funds as well as several private equity firms are in negotiations...
Sino-Forest CEO resigns as regulator expresses fraud concerns
The chairman and CEO of Sino-Forest has resigned and three employees have been temporarily suspended after the Ontario Securities Commission said the company may have misrepresented its revenue statements and exaggerated its timber holdings. It added...
India's SREI targets $1b infrastructure fund
SREI Infrastructure Finance plans to raise a $1 billion private equity fund to invest in areas such as roads, power and ports.
Property developer Banyan Tree seeks more PE funding
Singapore-based luxury-resort developer Banyan Tree Holdings is looking to raise more funds from private equity as it pushes ahead with plans to build high-end homes in second- and third-tier cities in China.
CNOOC anchors PE fund targeting Asian energy assets
China National Offshore Oil Corp. (CNOOC) has formed a strategic partnership with Kerogen Capital, which is raising a $1.5 billion private equity fund that will target energy investments in Asia.
China, India lead global emerging markets for PE activity
India and China accounted for 54% of private equity transactions completed in emerging countries in the first half of 2011, according to a report by the Emerging Market Private Equity Association.
Infinity establishes RMB and USD funds in Chongqing
Infinity Group, an Israel-based privat equity firm created by China Development Bank and Israeli conglomerate IDB Group, has announced the establishment of the Chongqing arm in cooperation with the government of Chongqing's Banan district.
Switzerland's SIFEM converts into a development finance institution
SIFEM, a Swiss fund-of-funds investor active in Asia since the 1990s, has been acquired by the government’s Swiss Confederation division and will now operate as a development finance institution.
Prudential, Fosun approved for China insurance JV
The China Insurance Regulatory Commission (CIRC) has approved US-based Prudential Financial's plans to set up a joint venture life insurance unit with conglomerate Fosun Group. This extends a partnership between the two companies that already includes...
PE targets deep distress
As Asian economic development becomes increasingly interlocked, regionally and globally, contractual arrangements are getting more complex. This is pointedly clear when problems, such as non-payment of large sums owed, occur. One prominent Asian distress...
Should private equity investors trust IRR?
Since the early days of private equity, the internal rate of return (IRR) has served as the industry’s prime metric. It is perhaps best known as the gauge which underpins fund managers’ claims that they deliver better returns than the public equity markets....
Lexington eyes bumper deal flow
Brent Nicklas founded Lexington Partners in 1994 and currently serves as managing partner, overseeing private equity secondary and co-investment funds. He discusses global opportunities for secondary investors
Secondaries in Asia: Small beginnings
The global secondary investments industry announced its arrival in Asia not with a bang, but with a spate of office rentals. HarbourVest Partners’ moved first, relocating Tim Flower, a London-based vice president, to Hong Kong in October of last year....
Secondaries: The direct approach
Working for a fund held captive or semi-captive within an investment bank is a mixed blessing. On the one hand, it promises access to deal flow and resources that independent funds can only wish for. On the other, it is hard to raise money from third...
Australian tax authorities win right to pursue TPG over Myer
The Australian Taxation Office (ATO) was won court orders to help it trace overseas funds that were distributed following TPG’s IPO exit from Myer, The Australian reported.
PE-backed Taikang Life looks to IPO within three years
China’s fifth-largest insurance firm Taikang Life, which is 12%-owned by Goldman Sachs, is slated to list in Shanghai and Hong Kong within the next three years, Dongsheng Chen, the company’s chairman, told local media
PE-backed Muthoot Finance seeks to raise $218m
Muthoot Finance, India’s largest gold-loan non-banking finance company (NBFC) plans to raise INR10 billion ($218 million) through the issue of listed retail non-convertible debentures (NCDs). It would follow four rival NBFCs, including Mannapuram Finance...
Reliance Communications again seeks PE buyers for tower unit
Reliance Communications is courting private equity firms and strategic investors as it seeks to sell its 95% stake in tower unit Reliance Infratel. The company has hired UBS to arrange a sale and is looking to recoup $5 billion for the asset, Reuters...
Nexus Venture Partners prepares for $250m third fund
Nexus Venture Partners will reportedly launch the fundraising process for a $250 million fund early next year. It will be the private equity firm's third vehicle.
Korean government suspends Woori sale process
The Korean government has suspended the auction of its 57% stake in Woori Finance Holdings after MBK Partners materialized as the sole bidder for the asset. This is the second time the government has tried and failed to exit its holding in Woori, which...