North Asia
INCJ-led consortium to complete $2.5b Renesas rescue - report
A consortium led by Innovation Network Corporation of Japan (INCJ) is said to be nearing a JPY200 billion ($2.55 billion) deal to buy ailing Japanese chipmaker Renesas Electronic Corp.
INCJ backs $35m venture investment in US green energy company
Japanese state-sponsored fund Innovation Network Corp of Japan (INCJ) has teamed up with a Japanese corporation to lead a $35 million Series E funding round for Transphorm, a US provider of energy-saving devices.
Partners VC buys stake in Korea's Panax Etec
Partners Venture Capital has purchased a 10% stake in Panax Etec, a South Korean battery electrolyte manufacturer, for KRW10 billion ($9 million). The investment facilitates the partial exit of Samsung Venture Investment and Bokwang Investment.
Japan's INCJ to compete with PE on national interest grounds
Innovation Network Corp of Japan (INCJ) is prepared to compete with privately-owned firms where doing so would be in the country's national interest. It comes after the Japanese government fund was said to be mulling making an offer last month for Renesas,...
Longreach eyes corporate carve-outs
After more than 800 days in the market, Longreach Capital Partners 2 reached a final close on September 30. It has been a challenging process that required the target corpus to be scaled back from $750 million to $400 million – but the fund is also largest...
Japan's GPIF considers alternative investments
Japan’s Government Pension Investment Fund (GPIF), the world’s biggest pool of retirement savings, is considering diversifying into alternative assets, including private equity. A GPIF executive told AVCJ that a consultation project began in September...
Carlyle, Unison-backed Covalent avoids bond default
Covalent, the Japanese semiconductor materials manufacturer owned by The Carlyle Group and Unison Capital, has averted a debt default by agreeing to buy back securities from its bondholders. Much like its counterpart Renesas Electronics, which is seeking...
MoFo adds Masahiro Shiga in Tokyo
Morrison & Foerster has appointed real estate finance lawyer Masahiro Shiga as a partner at Ito & Mitomi, the joint venture through which it provides legal services in Japan.
Longreach reaches final close of $400m for fund II
The Longreach Group has reached a final close of $400 million for its second fund. The private equity firm will continue targeting control investments in Japan and North Asia, with a particular focus on the mature industrial and technology space, financial...
Oaktree exits aircraft leasing firm to Japan's Mitsubishi UFJ
Oaktree Capital Group has sold aircraft leasing firm Jackson Square Aviation to Japan’s Mitsubishi UFJ Lease & Finance Co. for JPY100 billion ($1.3 billion).
Korea's outbound mandate
Despite numerous government initiatives promoting overseas M&A, Korean conglomerates outside the energy space are still relatively conservative. Can private equity help turn the tide?
PE marginalized on Japan restructuring
The outbound trend sweeping through Japanese private equity owes a partial debt to last year’s earthquake, tsunami and subsequent nuclear crisis. Yes, the economic, demographic and industrial arguments for overseas expansion have been coalescing for years,...
Cerberus to exit Japan's Aozora Bank
Cerberus Capital is planning to sell its $2.5 billion stake in Japanese lender Aozora Bank after a 12-year holding period.
Bankrupt Woongjin halts $1.1b Coway sale to MBK
MBK Partners’ KRW1.2 trillion ($1.1 billion) investment in water purifier business Woongjin Coway appears to be on shaky ground after parent company Woongjin Holdings filed for court receivership on Wednesday and put the deal on hold.
Moogwi Kim leaves Asia Alternatives
Moogwi Kim, an investment associate at fund-of-funds Asia Alternatives, has left the company. He plans to spend a year studying in France and Singapore before returning to the market in 2014.
Carlyle Japan in Walbro Engine Management SBO
The Carlyle Group has wholly acquired Walbro Engine Management, a US-based small engine parts manufacturer, from global investment firm Sun Capital Partners via a secondary buyout. The deal was structured through Carlyle Japan Partners II.
Carlyle-backed Tsubaki Nakashima drops IPO plan
Tsubaki Nakashima, a Japanese steel ball-bearings maker 95% owned by The Carlyle Group, has called off plans for a $555 million IPO, citing weak market conditions. This is the second time in six months that a Carlyle portfolio company in Japan has tried...
Orix named preferred bidder for Korea's STX Energy
Japan’s Orix Corp. has been selected as the preferred bidder for a significant stake in STX Energy, an unlisted affiliate of South Korean conglomerate STX Group.
INCJ-led consortium may thwart KKR's Renesas pledge
Japanese state-sponsored fund Innovation Network Corp of Japan (INCJ) has formed a consortium with several local companies, which is said to be mulling making an offer of more than JPY100 billion ($1.3 billion) for the unprofitable Tokyo-listed chipmaker,...
Headland names Raffini, Thompson as chairman and CEO
Headland Capital Partners has appointed George Raffini as chairman and Marcus Thompson as CEO. They were previously joint managing partners of the private equity firm, having led a spin out from HSBC in 2010.
Japan's DRC nets 1.5x return on Yumeshin exit
Mid-market Japanese GP DRC Capital has exited from its investment in Yumeshin Holdings, an outsourcing service provider in the construction industry, generating a 1.5x return and a gross IRR of 8.3%.
Buyout firms optimistic about Japan again
A couple of weeks ago, I wrote about the signs of positive change in the Japanese private equity industry and that we can be optimistic again about the country (See page 3 of the September 4th edition of AVCJ). This view has more or less been shared by...
Japan fundraising: Talk isn't cheap
Japan’s mid-market GPs must overcome perception issues and limited internal resources if they are to raise capital in a challenging market. Effective communication is the key
MBK targets $2.25b for fund III
MBK Partners has launched its third buyout fund with a target of $2.25 billion, AVCJ has been told. It is the latest in a string of large-cap pan-regional funds to enter the market, joining the likes of KKR, TPG Capital, The Carlyle Group and RRJ Capital....