Consumer
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.
VI Group, SIG lead $15m round for Vietnam's Elsa
Vietnam-based English language education app operator Elsa has raised a $15 million Series B round co-led by local private equity firm VI Group and SIG.
AVCJ Awards 2020: Deal of the Year - Large Cap: Jio Platforms
Jio Platforms has attracted an array of global investors as its digital ecosystem designs come into focus. L Catterton Asia adds consumer clout to the infrastructural proceedings
GGV closes latest US dollar funds at $2.5b
GGV Capital has closed its latest set of US dollar-denominated funds with $2.52 billion in aggregate commitments. It represents the largest fundraising since the firm’s inception in 2000.
Longreach sells Japanese jeweler to Integral
The Longreach Group has exited Primo Japan to Integral Corporation for an undisclosed sum. This makes Integral the jewelry retailer’s fourth consecutive private equity owner.
Aspex leads $200m Series E for Hong Kong's Klook
Aspex Management has led a $200 million Series E round for Klook as the Hong Kong travel app pivots to domestic holiday services during a freeze in international tourism.
China online education: Class war
K-12 online education in China is a battle for market share that only the largest players can afford to play. Investors can either get comfortable with high-cash-burn or look for niche exposure
CITIC acquires China perfume brand
CITIC Capital has made an investment of undisclosed size in Shanghai Xiangmiao Trade, owner of Reclassified, a leading Chinese perfume and home fragrance brand.
AVCJ Awards 2020: Deal of the Year - Mid Cap: Perfect Diary
Perfect Diary’s $100 million Series D round came after the Chinese company proved itself with multiple hit color cosmetics brands and eight months ahead of a bumper US listing
China math tuition platform adds $150m to Series E
Huohua Siwei, a China-based children's online education platform specializing in mathematics and science, has raised $150 million in the third tranche of the Series E round, taking the overall total to $400 million.
China e-sports business VSPN lifts Series B to $160m
VSPN, a Chinese e-sports broadcaster and events promoter backed by Temasek Holdings, has extended its Series B round to $160 million with a mix of VC and strategic investors.
AVCJ Awards 2020: Exit of the Year - Small Cap: China Feihe
The secret to Morgan Stanley Private Equity Asia’s 148x return on dairy producer China Feihe was having faith both in the baby care industry and in a quality domestic brand
AVCJ Awards 2020: Fundraising of the Year - Mid Cap: Ascendent Capital Partners
A $500 million investment in Wumart is the exception rather than the rule for Ascendent Capital Partners’ third China fund, but the digital transformation theme is a constant
Tower Capital hits first close on Southeast Asia fund
Tower Capital, a Singapore-based GP that previously operated on a deal-by-deal basis, has achieved a first close of approximately $250 million on its first Southeast Asia-focused private equity fund.
AVCJ Awards 2020: Deal of the Year - Small Cap: TaniGroup
Openspace Ventures played a key role in helping Indonesian agriculture technology start-up TaniGroup achieve critical mass as COVID-19 weeded out much of the competition
SoftBank Ventures backs Japanese sneaker marketplace
SoftBank Ventures Asia has led a JPY2.2 billion ($21.2 million) Series B round for Japan’s Soda, operator of the online sneaker marketplace Snrk Dunk.
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.
Portfolio: MSPEA and Korres
Morgan Stanley Private Equity Asia helped ethical Greek cosmetics maker Korres beef up an underweight international presence with a plan that will see China become the main growth engine
Fund focus: Asian LPs amplify Mekong’s ambitions
Travel restrictions forced Mekong Capital to look closer to home when raising its latest fund, but the manager was already building out a more Asia-centric LP base
Chinese fitness app Keep raises $360m
Keep, a Chinese mobile app that provides fitness training programs, has raised $360 million in Series F funding led by SoftBank Vision Fund.
Goldman leads $50m round for China’s Perfect
Perfect Corp, a Chinese developer of online beauty apps, has raised a $50 million Series C round led by Goldman Sachs.
China's Primavera launches consumer-focused SPAC
Primavera Capital Group has joined the trickle of Asia-based private equity investors launching special purpose acquisition companies (SPACs) in the US, targeting a $300 million capital raise for consumer deals.
VC-backed Chinese e-cigarette company targets US IPO
Relx Technology, a Chinese e-cigarette producer backed by Source Code Capital and Sequoia Capital China, has filed for an IPO in the US.
VC-backed Chinese online tutor Xueba close to bankruptcy
Xueba100.com, a China-based one-to-one online tuition platform, has halted operations and is looking for industry peers to assume responsibility for its students and teachers.