Financials
Temasek reduces holdings in Bank of China, China Construction Bank
Temasek Holdings, Singapore’s second-largest sovereign wealth fund, has reduced its holdings in Bank of China and China Construction Bank in order to scale back on its financial sector exposure, raising around $3.6 billion in the process.
CDB to invest in MP Pacific Harbor Capital
China Development Bank (CDB) is poised to become a cornerstone investor in MP Pacific Harbor Capital, an Asian credit fund, as part of a wider initiative to take stakes in private equity and hedge funds.
Bondholders threaten takeover of failed Japanese consumer lender
A&P Financial’s court-mandated takeover of Japan’s Takefuji Corp. could be derailed after bondholders in Takefuji sought to force the consumer lender into liquidation with a view to seeing a better recovery from their investment, Reuters reported.
Vogo, Tstobe, MBK participate in South Korea's Woori auction
Three South Korean private equity funds, Vogo Fund, Tstone and MBK Partners, have emerged as potential bidders to purchase the government's 57% controlling stake in Woori Financial Holdings, worth an estimated $6 billion .
Vogo, MBK consider Woori bids - report
South Korea-based Vogo Fund and MBK Partners may re-enter the fray to purchase the government’s 57% stake in Woori Finance Holdings, local media reports. This comes as authorities look to restart the up-to $6 billion bidding process for the country’s...
Maybank, CIMB drop RHB pursuit following Aabar Investments' 25% stake acquisition
The potential merger between RHB Capital and either Maybank or CIMB has collapsed after Abu Dhabi-backed Aabar Investments agreed to pay a price for a 25% stake in the Malaysian lender that the banks could not match.
PE firms participate in ING Vysya Bank share placement
A group of six funds, led by private equity players ChrysCapital, Morgan Stanley and India Advantage Fund, have bought a more than 5% stake in ING Vysya Bank for about INR300 crore ($70 million). The stake was purchased through the bank’s recent INR513...
Japan's ORIX launches Korean PE fund to invest in Mirae Asset Life
Japanese financial services group ORIX Corporation is to establish what it claims is the “largest investment fund established by a Japanese company in South Korea” to acquire shares in Korea’s Mirae Asset Life Insurance. The private equity fund - whose...
Indian micro-lender gets $14.4m in third-round funding
Bangalore-based micro-lending company Janalakshmi Financial Services has secured INR650 million ($14.4 million) in third-round funding, taking the total raised from private equity to just over INR1 billion ($22 million).
VIDEO: Primus' Robert Morse
Robert Morse, managing director, CEO and co-chairman of Primus Financial Holdings, discusses with AVCJ TV the difficulties of conducting business in an increasingly crowded market, and notes the importance of loyal LPs when raising capital in strained...
New Horizon targets fourth fund worth $750m
New Horizon Capital is looking to raise a new fund just over a year since closing its previous vehicle and without the involvement of co-founder Winston Wen Yunsong, son of Chinese Premier Wen Jiabao.
Chinese regulator considers making brokerage PE pilot program full time
A pilot program under which Chinese securities companies participate in private equity investment may be approved for full implementation. Huang Wenyuan, director of the department of institutional investors at the China Securities Regulatory Commission...
Carlyle tipped to choose JPMorgan, Credit Suisse, Citi as IPO underwriters
The Carlyle Group is expected to name JPMorgan, Citigroup and Credit Suisse as the lead underwriters for its IPO, Reuters reported, citing sources familiar with the situation.
Banks pitch to underwrite Carlyle's $1b IPO
The Carlyle Group is interviewing banks seeking the mandate to manage its expected $1 billion IPO, Reuters reported, citing a person familiar with the situation. It is thought that the private equity firm will choose the main underwriters by the end of...
Carlyle invests in emerging markets hedge fund manager
The Carlyle Group will buy a 55% stake in Emerging Sovereign Group (ESG), a US-based hedge fund manager that focuses on emerging markets, including China, India, South Korea and Southeast Asia.
Apax to bid for Indian transaction processing firm – report
Apax Partners is considering the purchase of a majority stake in Computer Age Management Services (CAMS), India’s leading mutual fund registry and transaction processing firm, the Times of India reported, citing people familiar with the situation.
Morgan Stanley's China JV brokerage opens for business
Morgan Stanley's brokerage joint venture in China with Huaxin Securities has begun operations, having received a business license on May 30.
Avenue Capital, Harmony seek exit from Indonesian bank
Avenue Capital Group and Harmony Capital Partners, along with other investors, plan to exit a 34.6% holding in Indonesian lender Bank Mayapada Internasional (BMI), Reuters reported, citing sources familiar with the situation. The shareholders are said...
TPG buys stake in Indian ATM services provider
TPG will pay around INR150 crore ($33.6 million) for a 20% stake in AGS Transact Technologies, which provides ATM services to banks. Ravi Goyal, managing director of AGS, confirmed that the US private equity firm has purchased a “substantial stake,” the...
KKR, IFC invest in Indian SME lender
KKR and the International Finance Corporation (IFC) are reportedly set to acquire a 14.9% and a 12% stake, respectively, in Magma Fincorp, a Kolkata-based lender for trucks and farm equipment, via the issuance of new new shares. The transaction is valued...
CVC takes 15% stake in Philippines bank for $115m
CVC Capital Partners has taken a 15% stake in Philippine bank Rizal Commercial Banking Corporation (RCBC) for approximately 4.96 billion Philippine pesos ($115 million), which RCBC aims to use for future acquisitions of SME-sized banks in the Philippines,...
PE and the pension system
Ontario Teachers’ reported record-high results in 2010, yet substantial liabilities overhang remains, signaling a broad-based issue likely to challenge many pension plans going forward
New Zealand's Direct Capital takes majority stake of Scales Corp.
Auckland-based private equity firm Direct Capital will take a 79.7% stake in local apple exporter and cold storage company Scales Corporation for $44 million, purchasing the asset from South Canterbury Finance, which has been under the receivership since...
Primus' suit against Hong Leong rejected
Primus Pacific Partners’ attempt to thwart Hong Leong Bank from taking over Malaysian banking lender EON Capital has been officially rejected by domestic courts, coming almost a year after Primus lodged the suit on the grounds that Hong Leong’s $1.6 billion...