Restructuring
Warburg Pincus targets China distressed real estate
Warburg Pincus is entering the distressed real estate space in China through a $600 million partnership with Wensheng, a local special situations manager.
Vietnam SOEs: Diverted divestments
Murky accounting and politics have rapidly decelerated the privatization of Vietnam’s government-owned companies in recent years. Private equity is biding its time and testing creative inroads
China distress specialist DCL targets $466m fundraise
DCL Investments, one of China’s first private equity firms to focus on distressed assets, is looking to raise RMB3 billion ($466 million) for its latest renminbi-denominated fund.
OTPP puts $350m into Edelweiss' India private debt business
India’s Edelweiss Group has brought a strategic investor into another of its business lines, with Ontario Teachers’ Pension Plan (OTPP) committing $350 million to the firm’s credit unit.
Uncertainty deters distress investors - M&A Forum
Distress-focused investors warned that persistent economic uncertainty is making it difficult to act on opportunities even as companies run into trouble because of the coronavirus pandemic.
Asia distress: Band-aids for corpses
Many companies are rolling liabilities forward, supported by accommodating government policy intended to maximize liquidity. It can't go on forever, but distress and private debt investors must be careful where they tread
QIC explores Virgin Australia bid
Queensland Investment Corporation (QIC) has been asked by the state government, its ultimate owner, to explore a bail-out for beleaguered airline Virgin Australia Holdings (VAH).
Zerobridge highlights Asia distress opportunities
Distress and special situations investors will see plenty of opportunities in Asia’s middle market as companies struggling with coronavirus-driven liquidity issues consider restructuring options, according to debt advisory firm Zerobridge Partners.
Ares takes controlling stake in Asia's SSG
Ares Management has agreed to buy a controlling stake in SSG Capital, an Asia-focused credit and special situations fund manager with approximately $6.2 billion in assets under management, including $3.9 billion in dry powder.
Kotak closes India distressed asset fund at $1b
The Kotak Special Situations Fund, which is sponsored by an alternative assets arm of Kotak Mahindra Group focused on Indian non-performing loans (NPLs), has reached a final close of $1 billion.
China distress specialist DCL seeks $500m for US dollar fund
DCL Investments, a China-based distressed debt and special situations manager, is targeting around $500 million for its first US dollar-denominated fund, hoping to leverage renewed interest from foreign investors in this space.
China distress: Dining on defaults
GPs expect a wave of non-performing loan sales in China as the slowing economy leaves banks with more bad debts to resolve, but could the distress investment opportunity be even broader than they envisage?
ADIA to enter India distressed asset space
Abu Dhabi Investment Authority (ADIA) will make an anchor commitment of $500 million to an India special situations fund launched in conjunction with Kotak Private Equity.
Allianz invests $200m in Edelweiss India private debt platform
Allianz Investment Management, a unit of insurance giant Allianz Group, has invested over $200 million in a private debt platform managed by Edelweiss Alternative Asset Advisors, the alternative investment arm of India’s Edelweiss Group.
China distress: Second cycle
Investors are looking to capitalize on the China distress opportunity, and recent activity in around non-performing loans suggests there will be enough deal flow to sate their appetites
CITIC Capital targets China distress
CITIC Capital has established a team to make distressed investments in China, primarily in the real estate sector, and is considering raising a fund dedicated to this strategy.
Värde collects $400m for debut Asia credit fund
Värde Partners has closed its debut Asia-focused credit fund with approximately $400 million in commitments. The vehicle launched about six months ago with a target of $250 million.
Sailing, Sanpower-owned Brookstone files for bankruptcy
US specialty retailer Brookstone, which was acquired in 2014 by Sailing Capital and Chinese retail conglomerate Sanpower Group, has filed for bankruptcy again and will close its 102 retail stores located in shopping malls.
Carlyle merges India growth, buyout teams
The Carlyle Group has merged its growth and buyout teams for India in order to streamline operations in the country.
Creditors to assume control of KKR-owned Bis Industries
Australian mining services provider Bis Industries has reached a debt-to-equity restructuring agreement with creditors that will see current owner KKR relinquish its majority position.
Korea to create $7b restructuring fund
South Korea has announced plans for a KRW8 trillion ($7 billion) fund – of which half will come from private sector feeder vehicles – as part of government efforts to initiate a more market-based approach to corporate restructuring.
Investors need boots on the ground to target China distress - AVCJ Forum
The credit and distress investment opportunity is significant – and expected to grow – but an on-the-ground presence is seen as essential to accessing it, industry participants told the AVCJ China Forum.
Q&A: STIC Investments' Hans Jung
STIC Investments has raised $530 million for a fund that will target restructuring opportunities involving Korean conglomerates. Executive Managing Partner Hans Jung explains the strategy
Q&A: Shoreline Capital's Xiaolin Zhang
Xiaolin Zhang, co-founder and managing partner at China-focused distress specialist Shoreline Capital, discusses the NPL opportunity and what private equity firms must do to address it
