Asia
Permanent capital: A bridge too far?
GPs are increasingly looking for ways to hold assets beyond the traditional fund timeline, but perpetual and long-dated capital largely remain the preserve of global firms and smaller specialists
CVC seeks $6b for latest Asia fund
CVC Capital Partners will launch its sixth Asia fund in April with a target of at least USD 6bn, stepping up from USD 4.5bn in the previous vintage.
Asia PE firms must get smart, integrated on due diligence - Bain & Co
GPs must take a more comprehensive and integrated approach to due diligence in Asia if they are to find ways of driving operational improvement in companies and justify lofty entry valuations amid mounting economic uncertainty, according to Bain & Company.
EQT and Baring Asia: Size matters
The significance of EQT’s acquisition of Baring Private Equity Asia is in the strategic machinations of global GPs as much as in the implications for on-the-ground dealmaking
PAG files for Hong Kong IPO
PAG, which has seen its assets under management (AUM) across private equity, credit, and real assets grow 6x to more than USD 50bn in the past decade, has become the first large-cap Asian manager to file for an IPO.
Goldman leads $900m stapled secondary for Baring Asia
Baring Private Equity Asia (BPEA) has completed a stapled secondary of nearly USD 900m, which saw an investor consortium commit capital to its eighth fund and take out positions in two earlier vehicles.
Leveraged finance: ESG sells
Private equity firms in Asia are increasingly willing to consider sustainability-linked credit facilities, and banks are generally happy to provide them. Speed is currently delaying standardisation
Baring Asia to merge with EQT
EQT has agreed a EUR 6.8bn (USD 7.5bn) acquisition of Baring Private Equity Asia (BPEA), having decided that organic expansion would unlikely deliver the Asia platform it desires to create a truly global business.
Profile: Foundation Private Equity’s Jeremy Foo
Moving from direct investment to secondaries with Foundation Private Equity took Jeremy Foo outside his comfort zone, but past experiences of liquidity crunches have proved instructive
Flexibility first: Investing in the future of work
Investment in work-tech has soared as start-ups devise solutions for workforces that are increasingly distributed in terms of location, structure, and practice. Data, and knowing what to do with it, is key
Rede opens Hong Kong office, appoints Asia head
Placement agent and fundraising advisor Rede Partners has opened an office in Hong Kong and appointed Charles Wan, formerly of Atlantic Pacific Capital, as Asia head.
US regulations: Coming to Asia
Newly proposed rules for private equity fundraising and reporting in the US are set to be applicable to any manager in Asia that raises US capital. Investors should be alert but not alarmed
Asia to account for 37% of global HNWI PE commitments by 2025 - study
High net worth individual (HWNIs) contributions to private equity are growing faster in Asia Pacific than anywhere else, with the region set to account for 37% of global commitments by 2025, up from 26% in 2020, according to a study by Boston Consulting...
HarbourVest closes latest fund-of-funds at $1.6b
HarbourVest Partners has closed its latest flagship private equity fund-of-funds, which will target Asia Pacific and Europe, at USD 1.6bn, beating a target of USD 1.25bn.
AVCJ Awards 2021: Fundraise of the Year – Large Cap: KKR
Working around travel restrictions and reaching into the high-net-worth segment were key themes as KKR raised USD 15bn for its fourth pan-Asia fund, the largest vehicle of its kind to date
Baring Asia completes $386m recap of CitiusTech
Baring Private Equity Asia (BPEA) has completed a USD 385.9m dividend recap and refinancing of loans tied to its 2019 acquisition of India-based healthcare IT services business CitiusTech.
Mubadala leads $500m round for Princeton Digital
Abu Dhabi’s Mubadala Investment has contributed USD 350m to a USD 500m equity round for Singapore-based data centre developer Princeton Digital Group (PDG).
Ex-OTPP Asia head named CalPERS CIO
Nicole Musicco, a former Asia Pacific head of Ontario Teachers’ Pension Plan (OTPP), has been appointed CIO of California Public Employees’ Retirement System (CalPERS).
LP interview: Adams Street Partners
Adams Street Partners believes having a close-knit Asia team, which cuts across geographies, sectors, and stages, informs a big-picture view that enables it to look beyond near-term dislocations
Deal focus: Proterra’s alternative take on incubation
Early-stage bets on oat milk and healthy beverages in Asia by Proterra Investment Partners reflect a willingness to back nascent brands, but in doing so, the firm believes it is dialling down the risk
Fund focus: Ion Pacific goes institutional
Pitching a niche VC capital secondaries strategy with a meaningful focus on Asia isn’t easy, but Ion Pacific raised nearly 4x more than last time with large family offices well-represented in the LP base
AVCJ Awards 2021: Firm of the Year – Large Cap: Baring Private Equity Asia
Baring Private Equity Asia claims that a thematic approach to origination and flexibility on deal structure allow it to pursue opportunities with greater conviction in a high-valuation environment