North America
Massachusetts pension fund appoints PE head
The Massachusetts Pension Reserves Investment Board (MassPRIM) has appointed Michael Bailey as senior investment officer and director of private equity. The post was previously held by Wayne Smith, who departed in July 2011.
CalPERS sees 12% return on PE investments in 2012
The California Public Employees' Retirement System (CalPERS), the biggest pension fund in the US, reported a 12.24% return on its private equity investments in 2012, compared with a sector benchmark of 28.45%.
EMPEA’s Alexander to join Abraaj
Sarah Alexander, CEO of the Emerging Markets Private Equity Association (EMPEA), has agreed to join The Abraaj Group as a managing director. EMPEA’s executive committee has recommended that Jennifer Choi, currently vice president of industry and external...
Wanxiang-backed fund exits D&R to strategic buyer
Summit Strategic Investments, a private equity fund controlled by Chinese auto parts manufacturer Wanxiang Group, has exited US-based D&R Technology to CTS Corporation.
LPs on Asia: The risk factor
Proximity is reassuring. It shouldn't be surprising that a corporate governance scandal in Asia triggers concerns among institutional investors in North America who are far removed from the information flow and first hear the news via newspaper headlines...
Korea’s EQ Partners supports ArcelorMittal deal – report
South Korean private equity firm EQ Partners is said to be part of the Asian consortium that has acquired a 15% stake in ArcelorMittal Mines Canada (AMMC) for $1.1 billion. Other investors include South Korean steelmaker Posco and Taiwan’s China Steel...
Abax, chairman complete $364m Fushi Copperweld take-private
Abax Global Capital has finally completed its management buyout of NASDAQ-listed Chinese wire manufacturer Fushi Copperweld more than two years after the initial bid was submitted. The transaction, staged in conjunction with Li Fu, Fushi’s chairman...
ShangPhama board agrees to TPG-backed buyout
ShangPharma Corporation, a Chinese pharmaceutical and biotech research outsourcing firm listed on the New York Stock Exchange, has agreed to management buyout by Michael Hui, the firm’s chairman and CEO, and TPG Capital. The transaction values the company...
Baird teams up with Axis Capital for cross-border investment banking
International asset manager Baird is forming a strategic alliance with Axis Capital, the investment banking subsidiary of India’s Axis Bank, to focus on cross-border M&A between India, Europe and the US.
Primus co-founder in aircraft leasing club deal
During a week in which it emerged that Primus Financial Holdings was no more, two of its co-founders reemerged in new guises. First, Dexia announced that it was in exclusive negotiations with GCS Capital, a financial services-focused PE firm run by GuocangHuan,...
PE-backed Chinese consortium to buy AIG’s aircraft leasing business
A Chinese consortium including a fund run by Wing-fai Ng, one of the co-founders of now-defunct Primus Financial Holdings, has agreed to buy up to 90% of International Lease Finance Corporation (ILFC) from American International Group (AIG). It is the...
US, India-focused Naya reaches first close on VC fund
Naya Ventures, a US-based VC firm that also invests in India, has reached a first close of $50 million on a fund targeting the mobile and cloud markets. Its approach involves providing capital and industry expertise to early-stage companies with a view...
Fenox VC invests in Japan's Dream Link Entertainment
Silicon Valley-based Fenox VC has invested in Japanese flash animation studio Dream Link Entertainment (DLE).
Sinagpore’s Ventrillion invests $15m in Clean Coal
Singapore’s Ventrillion Management has agreed to invest up to $15 million in US-listed Clean Coal Technologies. The company, which holds patents for technology that converts raw coal into a cleaner burning fuel, will use the proceeds to complete its...
New York Life Capital is renamed GoldPoint
New York Life Capital Partners, the boutique investment arm of New York Life, has renamed itself GoldPoint Partners. The exercise is intended to create a distinct identity for the firm; it doesn’t involve any change in ownership, management personnel...
Baird appoints Satoshi Matsumoto as Japan-focused MD
Baird has appointed Satoshi Matsumoto to its investment banking group as managing director and director of Japan M&A.
OPIC funds head Jay Koh to return to private sector
Jay Koh, head of investment funds and chief investment strategist at the Overseas Private Investment Corporation (OPIC), will leave the group at the end of November to return to the private sector. He will relocate to New York.
VC-backed China tech firm YY jumps 7% on NASDAQ debut
Shares in venture capital-backed social networking platform YY climbed 7.7% on their NASDAQ trading debut after the company completed the first IPO by a Chinese firm in the US in seven months.
IDG-Accel China in take-private bid for US-listed Memsic
IDG-Accel China has submitted a takeover bid for NASDAQ-listed Memsic that values the semiconductor manufacturer at $96.8 million. The prospective investor would like to work with Yang Zhao, Memsic’s founder and CEO, to formulate a definitive proposal...
Pension plans unsure about VC commitments
North American pension plans are exhibiting mixed feelings towards venture capital funds – some find GPs that were once refused to take meetings are now opening up to a wider range of investors while others are backing off from the asset class, blaming...
LPs wary about raising Asia PE allocations above 10% - AVCJ Forum
Institutional investors are generally happy to deploy 10% of their private equity allocation in Asia, but they say it is difficult to justify increasing this portion until risk factors ease and local managers build up stable teams and more substantive...
CPPIB targets larger deals, wants to boost emerging markets exposure
Canada Pension Plan Investment Board (CPPIB) is looking to target larger, more complex acquisitions as part of a wider strategy to increase exposure to emerging markets, particularly China. Mark Wiseman, the plan’s CEO, made the observations as CPPIB...
Asia fundraising: In Volcker's shadow
With the Volcker Rule and Basel III compliance forcing US financial institutions to pull back from private equity, some Asian GPs are in a state of flux. New fundraising strategies are required
VIDEO: Thomas H. Lee of Lee Equity Partners
Thomas H. Lee, managing partner of Lee Equity Partners, talks to AVCJ TV about the evolution of the US private equity industry, his decision to leave buyouts for growth capital, how investors can identify good managers, and his expectations for China