Consumer
Chinese apartment rental platform Qingke pursues US IPO
Q&K International Group, operator of China-based long-term apartment rentals platform Qingke, has filed for a US IPO. Its backers include Morgan Stanley Private Equity Asia (MSPEA) and Crescent Point.
Chinese fresh produce retailer Benlai raises $200m
Chinese online fresh produce retailer Benlai Group has raised $200 million in the first tranche of a Series D round led by Mingde Holding. Existing investors Gaorong Capital and CDH investments re-upped.
CLSA exits Japanese automotive tools retailer
CLSA Capital Partners has exited Worldtool, a Japanese automotive tools retailer that primarily operates under the Astro Products brand, to domestic home improvement chain Royal Homecenter.
Navis buys Malaysian durian producer
Navis Capital Partners has acquired Malaysian durian products exporter Hernan Corporation with a view to leveraging strong demand for the fruit in China and in Chinese communities globally.
Cortina targets $100m for Australia cross-border fund
Cortina Capital, a private equity firm that invests in Australian health and wellness brands with export potential in China and other Asian markets, is looking to raise $100 million for its debut fund, AVCJ understands.
Tencent injects $150m into China's VIPKid
VIPKid, China-based English language learning platform, has announced the completion of a Series E funding round led by Tencent Holdings.
Affinity sells Australia ticketing business to Silver Lake
Affinity Equity Partners has agreed its second Australia exit in three weeks, with Silver Lake set to assume control of ticketing business TEG. It follows a deal to sell a 35% stake in Virgin Australia’s frequent flyer business back to the parent company.
Southeast Asia's internet economy to be worth $100b in 2019
The gross merchandise value (GMV) of Southeast Asia’s internet economy will surpass $100 billion this year and hit $300 billion by 2025, according to a report by Google, Temasek Holdings, and Bain & Company.
VIG acquires Korean education business
VIG Partners has agreed to pay KRW165 billion ($137 million) for a controlling stake in D.Share, an online-offline English language education provider in Korea.
Chinese snacks business receives $14m Series B
A1 Snack Lab – a Chinese snack brand based in Xiamen - has received RMB100 million ($14 million) in Series B funding from new and existing investors.
PE-backed Chinese health products distributor files for US IPO
Ecmoho, a China-based online distributor of health and wellness products from leading brands such as Abbott and Wyeth Nutrition, has filed for US IPO.
PE-owned Belle to spin-out Chinese sports retail business
Belle International – the Chinese footwear retailer privatized by Hillhouse Capital and CDH Investments just over two years ago – is spinning out its sports retail unit through an IPO.
Mekong targets $250m for fifth Vietnam fund
Mekong Capital has launched its fifth private equity fund focused on the Vietnam middle market. A hard cap has been set at $250 million.
Chinese community group buying player receives $14m
Chujia Xinxuan – a community group buying platform under Guangzhou-based Chang Zheng Group - has received RMB100 million ($14 million) from GF Xinde Investment, an investment arm of GF securities.
New Zealand’s Fonterra exits pharma business to CVC
New Zealand dairy group Fonterra has agreed to sell its stake in DFE Pharma, a 50-50 joint venture with Royal FrieslandCampina of the Netherlands, to CVC Capital Partners for NZ$633 million ($398 million).
China autonomous driving start-up receives $50m pre-A
DeepRoute, a Shenzhen-based autonomous driving solutions provider, has received $50 million in a pre-A funding round led by Fosun RZ Capital.
Navis acquires Thailand's Srithai Food Group
Navis Capital Partners has paid an undisclosed sum for a controlling stake in Srithai Food Group, a Thailand-based restaurant supplier focused on the seasoning and condiments segment.
Chinese auto parts supplier raises $28m in Series A extension
Mancando, an automotive parts supplier based in Guangdong province, has raised RMB200 million ($28 million) in an extended Series A round led by Legend Capital, with participation from Eastern Bell Venture Capital, Galaxy Capital, and Oriza FoF.
Core-plus investment: Expectations game
Capital-flooded markets and rising pressures to deploy have precipitated more flexible investment strategies in private equity. GPs must be careful when crossing between asset classes
VCs invest $11m in Singapore talent agency
Gushcloud International, a digital talent agency based in Singapore, has received $11 million from a group of regional VCs and US hip-hop mogul Russel Simmons (pictured).
Affinity sells frequent flier stake back to Virgin Australia
Affinity Equity Partners has more than doubled its money on Virgin Australia’s frequent flyer business, having agreed to sell back a 35% stake to the parent company for A$700 million ($480 million).
Australia's Quadrant buys control of online beauty retailer
Quadrant Private Equity has completed the fourth investment in six months from its newly established growth fund, with the purchase of a majority interest in Australian online beauty retailer Adore Beauty.
Baidu Ventures joins Series B for China retail AI player
Baidu Ventures has joined a Series B round of undisclosed size for SandStar, a Chinese artificial intelligence (AI) developer focused on the retail sector. It brings total investment to date to $25 million.
Thailand's Pomelo gets $52m Series C
Thailand-based fashion retailer Pomelo has raised a $52 million Series C round from a group including Hong Kong’s Provident Growth. It is being called the first-ever Series C for a Thai start-up.