North Asia
Corporate carve-outs: Seller's dilemma
Private equity investors expect to see more divestments by Asian conglomerates, but a torrent of new deals is unlikely. Much rests on when the seller is confident enough to pull the trigger
VCs commit $13.9m to Korean mobile laundry service
Laundrygo, a Korea-based on-demand laundry service, has raised KRW17 billion ($13.9 million) in Series B funding from Korea Investment Partners, Aju IB Investment, KT Investment, Samsung Venture Investment, and DS Asset Management.
STIC-backed Korean game publisher files for US IPO
DoubleDown Interactive, a STIC Investments-backed Korean online game publisher best known for its flagship casino offering, has filed to list in the US.
Deal focus: IMM overcomes distancing disruption
Health and safety was a priority when IMM Private Equity negotiated a $413 million carve-out of Korea Kolmar Holdings' drug outsourcing business against the backdrop of COVID-19
Coronavirus & due diligence: Split screen
Finding the right balance between offline and online communication for completing due diligence processes is a tricky endeavor for PE and VC investment professionals in Asia
Carlyle adds managing director in Japan
Reiji Terasaka has rejoined The Carlyle Group as a managing director with the Japan team after a seven-year stint in various corporate roles in Japan and the US.
Japan agtech player raises $7m Series A
Japan’s Beyond Next Ventures has led a JPY800 billion ($7.4 million) Series A round for local cell-based agricultural technology specialist IntegriCulture.
IMM agrees $413m Korea pharma acquisition
IMM Private Equity has agreed to acquire Korea Kolmar Holdings’ pharmaceutical contract development and manufacturing organization (CDMO) for KRW512.5 billion ($413 million).
KKR, Japanese banks pump $1.2b into Marelli
Marelli, a leading global automotive components supplier formed when KKR combined Japan’s Calsonic Kansei Corporation with Europe-based Magneti Marelli, has secured JPY130 billion ($1.2 billion) in additional funding to ride out a market downturn.
Mitsubishi UFJ invests Japan vegetarian meat player
Mitsubishi UFJ Capital has joined a Series A round for Japanese plant-based meat producer Daiz that brings the company’s total funding to JPY1.2 billion ($11.2 million).
Japan carve-outs: Profit from the core
Private equity firms hoping for a coronavirus-driven uptick on Japanese corporate carve-outs must be patient – and come armed with considered value creation plans when the time arrives
Advantage completes exit from Japan's FMI
Advantage Partners has completed its exit from Japanese kitchenware products manufacturer FMI Corporation to Toho Group, a Tokyo-listed food wholesaler that bought a majority stake in the business two years ago.
MBK closes Fund V at $6.5b hard cap
MBK Partners has closed its fifth North Asia-focused fund at the hard cap of $6.5 billion. It is the joint third-largest PE vehicle raised for deployment across the region and MBK has become the seventh manager to cross the $6 billion threshold.
Japan biotech player raises $25m Series B
Japanese biotech developer Modulus Discovery has raised $25.5 million in Series B funding from a group of local VCs including SBI Investment.
Korea's Kurly raises $164m Series E
Kurly, operator of Korean grocery delivery platform Market Kurly, has raised KRW200 billion ($164 million) Series E round from a group of domestic and international VCs.
KDB, K-Growth commit $2b to Korea VC ecosystem
State-owned Korea Development Bank (KDB) and Korea Growth Investment (K-Growth), a fund-of-funds, have jointly committed KRW2.5 trillion ($2 billion) to the local VC ecosystem.
Bain makes $1b bid for Japan care services provider
Bain Capital has submitted a buyout offer for Nichii Gakkan, a Tokyo-listed provider of aged care, childcare and medical support services, that values the company at approximately JPY109.5 billion ($1 billion).
Asia private debt: Inflection point?
With other pools of capital running dry for many companies, private debt has become a more appealing proposition. Institutional funds have a chance to impose themselves on a bank-driven market
CLSA acquires Japan IT services provider
CLSA Capital Partners (CLSA CP) has acquired a majority stake in Japanese IT services provider Earth Technology for an undisclosed sum.
Hamilton Lane backs Polaris-led privatization of Japan's Sogo Medical
Hamilton Lane has participated as a co-investor in a Japanese take-private for the first time, supporting a Polaris Capital Group-led tender offer for Sogo Medical Holdings, a Japanese pharmacy chain operator and B2B healthcare management platform.
Korea's IMM invests $40m in Chinese water business
IMM Investment, a Korea-based GP that focuses on venture capital, mezzanine and infrastructure deals, has committed $40 million to United Water Corporation, a Chinese water and wastewater treatment provider.
Fund focus: Coral targets Japan’s Series B gap
Having previously raised dedicated vehicles to support follow-on rounds for Japanese start-ups, Coral Capital has gone a step further with a fund dedicated to the strategy
Advantage raises $790m for sixth Japan buyout fund
The middle-market private equity firm expects COVID-19 to generate more deal flow as founder-owners and corporates come under stress
Deal focus: Korean GPs seal semiconductor carve-out
Alchemist Capital Partners and Credian Partners' acquisition of MagnaChip Semiconductor’s foundry services group was the largest PE buyout in Korea during the first quarter. AVCJ and Mergermarket offer some insights