North Asia
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....
Yahoo Japan launches VC fund - report
Yahoo Japan has joined the corporate venture capital club by launching a JPY1 billion ($12.8 million) fund. It will principally target start-ups in the smart phone, internet advertising and cloud computing spaces.
Corporate Japan more open to PE partnerships – AVCJ Forum
Corporate Japan is more open to the idea of working with private equity partners, but ensuring alignment of interests remains a challenge, according to David Shen, regional managing director of Olympus Capital Holdings Asia.
Global buyout firms see rich pickings in Japan – AVCJ Forum
The scope for private equity buyouts in Japan is widening due to falling public market valuations and clear opportunities for value-add within portfolio companies, according to panelists at the AVCJ Japan Forum, which opened in Tokyo on Thursday.
Longreach nears $400m final close on second fund
The Longreach Group is nearing a final close of around $400 million for its second fund. An announcement is expected within a month, market sources told AVCJ.
GPs' optimism: Korea redux
Despite a few issues, South Korea has always been a favored market for Asian private equity investors. That is hardly surprising as the many of the best performing transactions in the history of the asset class in Asia have come out of Korea. It could...
Advantage Partners poised for Rex Holdings exit
Advantage Partners is preparing to exit a 66% holding in Japanese restaurant operator Rex Holdings to Colowide. Local media said the transaction, worth JPY13.7 billion ($175 million), would close as early as October.
Q&A: Globis Capital Partners' Shinichi Takamiya
Shinichi Takamiya, a partner at Japanese VC firm Globis Capital Partners, discusses the prospects for domestic start-ups and how venture investment in Japan stacks up against global counterparts
Japan GP outlook: Mixed feelings in the middle ground
Japan’s mid-market is opening up as weak public market valuations facilitate take-private deals, corporations divest non-core assets and aging founders seek an exit. GPs have plenty to aim at, provided they can raise funds
The sun is rising again for Japanese private equity
Is the Japanese private equity industry finally turning the corner? The simple answer to that is yes.
Japan outbound investment: Go local to go global
Cash-rich corporates have led the surge in outbound investment from Japan, buoyed by easy access to debt and the strength of the yen. What role are Japanese GPs playing in this buying spree?
Secondaries in Japan: A new wave?
Japan’s megadeals of 2006-2007 need to be exited or refinanced. With IPOs off the agenda due to weak public markets and strategic investors’ appetites uncertain, secondary buyouts are a popular option.
KT, NPS, Korea Post set up outbound M&A fund
Korean telecom giant KT Corporation has teamed up with the National Pension Fund (NPS) and Korea Post to form a KRW1 trillion ($883 billion) fund that will make acquisitions overseas. It is the latest of several initiatives launched by Korean corporations...