North America
China's TuSimple trades flat after $1.3b US IPO
TuSimple, a China and US-based developer of autonomous driving technology for trucks, traded flat on debut following a $1.35 billion IPO at a market capitalization of $8.5 billion.
Deal focus: Partners Group-backed IT play ripens early
Partners Group is set to generate a 5x return on the sale of its 45% stake in GlobalLogic to Hitachi as momentum in corporate digital transformation makes the IT services player a hot commodity
Partners Group, CPPIB exit GlobalLogic to Hitachi
Partners Group and Canada Pension Plain Investment Board (CPPIB) are exiting a combined 90% stake in US-headquartered GlobalLogic to Japan’s Hitachi at an equity valuation of $8.5 billion.
China autonomous driving start-up TuSimple files for US IPO
TuSimple, a China and US-based developer of autonomous driving technology for trucks, has filed for a US IPO. Its backers include CDH Investments, Zhiping Capital, Sina Corporation, and Hong Kong hedge fund Composite Capital.
Invesco leads $155m round for China's Brii Biosciences
Invesco has led a $155 million Series C round for China-focused infectious diseases drug developer Brii Biosciences.
China's Connect Biopharma gains 8% on debut after $191m US IPO
Connect Biopharma, a China-headquartered drug developer specializing in treatments for T cell-driven inflammatory diseases, gained 8.8% on debut following a $191.3 million US IPO.
China biotech makes Asia global healthcare PE leader
A more than 100% year-on-year increase in deal volume saw Asia Pacific overtake North America to become the most active global private equity healthcare market for the first time in 2020.
US-Japan VC hits $75m first close on cross-border fund
SIP Global Partners, a US and Japan-headquartered VC firm, has reached a first close of $75 million on its debut cross-border fund. The target is $150 million.
Rocket Lab to go public via SPAC merger
Rocket Lab, a US-based space technology company that operates primarily in New Zealand, as agreed to merge with a special purpose acquisition company (SPAC) at an enterprise valuation of $4.1 billion.
GPs & SPACs: Filthy lucre?
The global SPAC craze is percolating into Asia, with private equity firms among the sponsors. LPs aren’t necessarily comfortable with the development, but there’s only so much they can do about it
B Capital launches SPAC
B Capital Group, a US-based venture capital firm with a presence in Singapore and a significant Asia portfolio, is looking to raise $300 million for a special purpose acquisition company (SPAC).
China's CITIC sells US dental business
CITIC Capital Partners has exited US-based dental business DDS Lab – the private equity firm’s first acquisition in the US as a lead investor – to RoundTable Healthcare Partners for an undisclosed sum.
Deal focus: Asia Green Fund secures DuPont carve-out
Asia Green Fund reunited with the team at special situations investor BroadPeak Global for the $510 million acquisition of DuPont's clean energy unit. Driving expansion in China is now the priority
India SaaS: Global first
India’s enterprise software start-ups have traditionally ceded the spotlight to their consumer-facing peers, primarily because of their outlook – and their VC backers – are US-oriented. That is now changing
AVCJ Awards 2020: Special Achievement: Lip-Bu Tan
Recognized as one of the pioneers of venture capital in Asia, Walden International’s Lip-Bu Tan still gets a kick out of leveraging his years of experience to help nascent start-ups
Ravi Thakran's SPAC plans merger with aviation business
A special purpose acquisition company (SPAC) launched by Ravi Thakran, formerly head of L Catterton’s Asia operation, plans to merge with Wheels Up – a US-based aviation business described as Uber for private jets – at a valuation of $2.1 billion.
Q&A: Office of New York City Comptroller's Wendy Garcia
Wendy Garcia, chief diversity officer for the Office of New York City Comptroller discusses her team’s diversity and inclusion objectives and what this means for GPs seeking allocations from city’s pension funds
Vista founder calls for investment in Asia tech infrastructure
Vista Equity Partners is keen to invest in Asia’s financial technology space, but founder Robert F. Smith stressed that governments must put in place the appropriate regulatory infrastructure.
Olympus-sponsored SPAC raises $130m
Olympus Capital has raised $130 million for a special purpose acquisition company (SPAC), which it is sponsoring via its fifth pan-Asian fund.
Silver Lake raises $20b for global tech fund
Silver Lake has closed its sixth global buyout fund at the hard cap of $20 billion as the US tech investor exhibits a growing appetite for mega-deals in Asia. Its prior vintage raised $15 billion in 2017.
Ascendent founder sponsors SPAC targeting global deals
A special purpose acquisition company (SPAC) sponsored by Liang Meng, founding managing partner of China’s Ascendent Capital Partners, has raised $300 million for global consumer technology investments.
Australia's VC-backed Xpansiv raises $40m pre-IPO round
Australia and US-based Xpansiv CBL, a VC-backed marketplace for clean commodities such as carbon offsets and renewable fuels, has raised $40 million with plans to list in Sydney this year.
Cathay closes second innovation fund $789m
Cathay Capital has raised EUR650 million ($789 million) for its second innovation fund, which supports start-ups in China, Europe, and North America.
China robotics player Flexiv gets $100m Series B
Flexiv, a China and US-based industrial robotics start-up specializing in machines that can adapt to unpredictable environments, has raised a $100 million Series B round featuring Gaorong Capital.