Restructuring
Japan's Keystone targets $440m for Fund V
Tokyo-based Keystone Partners is looking to raise around JPY50 billion ($440 million) for its fifth Japan-focused fund, which will make a combination of growth and turnaround investments.
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.
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.
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.
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.
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
Farallon raises $1.1b for Asia, Latin America special situations fund
Farallon Capital Management has closed its third special situations fund focused on Asia and Latin America at $1.1 billion.
China distress: After the boom
China’s slowing growth has created a wave of corporate defaults, and these bad debts should be put up for sale. Not all foreign investors are ready to jump in, though, conscious of the difficulties in extracting value
Japan to lead boom in Asia restructuring activity - survey
Corporate restructuring activity in Japan should lead to a broader rise in the number of distress opportunities in Asia, as a result of both regulatory change and added pressure from investors.
Corporate governance: Thin end of the wedge?
Japan’s corporate governance code will not trigger a torrent of non-core divestments, but it may encourage boards to think strategically about how – and with whom – they can improve performance
Deal focus: CLSA tools up with Astro Products deal
Two years ago CLSA Capital Partners made its maiden investment from Sunrise Capital II, a $210 million Japan-focused fund that launched 16 months earlier. The company was BCN, a used car auction site operator based in Saitama prefecture, which CLSA acquired...
Greenland to take controlling stake in KKR-backed Rundong Auto
China's Greenland Holding Group will buy a controlling stake in KKR-backed Chinese car dealership Rundong Auto for HKD1.55 billion ($200 million).
Portfolio: CHAMP Private Equity and Accolade
For a long time the UK and Australia operations of US wine giant Constellation Brands had been a drain on the parent company. Nevertheless, CHAMP Private Equity saw the potential for a category leader
Clearwater's Petty becomes EMPEA chairman
Robert Petty, managing partner and co-founder of Asia-focused special situations and credit investor Clearwater Capital Partners, has been elected chairman of EMPEA.
PE investors near deal for China NPL manager Huarong - report
A group of private investors is nearing a $2 billion deal for a minority stake in China Huarong Asset Management, one of four groups tasked with managing non-performing loans (NPLs) from state-owned banks.