Asia
Faster food: PE and restaurant franchising
Franchising out restaurant chains - one of the major objectives for the new PE-backed McDonald's China partnership - is a popular ploy for investors across Asia as they pursue scale. But it is not without risk
TPG targets up to $4.5b for seventh Asia fund
TPG Capital is seeking between $4 billion and $4.5 billion for its seventh pan-Asian fund, having closed the previous vehicle at $3.3 billion in 2014 after a challenging two-year-plus process.
Fund focus: LPs sign up for Axiom’s simple solution
Changes in the market and turnover in the team notwithstanding, Axiom Asia secured $1 billion for a fourth fund much like its previous three: a co-mingled fund-of-funds that offers exposure to hard-to-access GPs
4Q analysis: Big ticket bias
Ausgrid deal obscures weak investment environment; fundraising returns to normal after state-backed blitz; China’s IPO market is on the mend, but public market problems undermine Asia exits
VIDEO: Michael Chu & Ravi Thakran, L Catterton
Michael Chu, global co-CEO at L Catterton, and Ravi Thakran, managing partner and chairman of L Catterton Asia, discuss the merger of Catterton and L Capital
Axiom raises $1b for fourth Asian fund-of-funds
Axiom Asia has closed its fourth pan-regional fund-of-funds at just over $1 billion, sticking to its tried and tested model of a single co-mingled vehicle with no separately managed accounts. The initial target was $750 million.
PE-backed e-Shang Redwood gets $300m pre-IPO round
E-Shang Redwood (ESR), a pan-Asian logistics services company backed by Warburg Pincus, has received a $300 million pre-IPO investment from a consortium of Chinese investors.
GP-LP: Rules of engagement
Large LPs want to reduce the number of PE managers in their portfolios and generate more value from the outperformers that remain. The GP-LP relationship is becoming closer and more complicated
AVCJ Awards 2016: AVCJ Special Achievement: K.Y. Tang
K.Y. Tang was among the pioneers of leveraged buyouts in Asia while at UBS Capital Asia. He subsequently spun out to form Affinity Equity Partners, where the success continues
AVCJ Awards 2016: Fundraising of the Year - Large Cap: PAG Asia Capital
Having paid careful attention to liquidity levels in its debut vehicle, PAG Asia Capital took less than seven months to close its second regional fund at $3.6 billion
Asian LPs contribute 23% of Apax's $9b global fund
Asia-based investors account for just under one quarter of commitments to Apax Partners’ latest global fund, which has closed at the hard cap of $9 billion after less than a year in the market.
HarbourVest's Kelvin Yap promoted to managing director
HarbourVest Partners has promoted Hong Kong-based Kelvin Yap, who focuses on growth equity and buyout investments in Asia Pacific, to managing director.
Timeline: 2016 by numbers
A selection of the key fundraising, investment and exit events - presented in chronological order - from the past 12 months
Zeitgeist: 2016 in quotes
What industry participants had to say at AVCJ events on issues ranging from value-add admidst economic volatility to China tech unicorns and raising capital from family offices
Five trends for 2017
AVCJ looks at how its 2016 predictions turned out and identifies some key themes for the year ahead
To pastures new: Asia PE people moves
A selection of the transfers, promotions, arrivals and departures in the private equity community in 2016
2016 in review: Uncertainty reigns
Infrastructure and late-stage technology among the few investment bright spots; renminbi vehicles dominate the fundraising landscape; public market instability undermines exit plans
MBK closes fourth North Asia fund at $4.1b
MBK Partners has reached a first and final close on its fourth North Asia-focused buyout fund at $4.1 billion, a significant step up from the $2.7 billion it raised for Fund III.
OTPP promotes Jo Taylor to international managing director
Ontario Teachers’ Pension Plan (OTPP) has promoted Jo Taylor to senior international managing director. He will also serve as interim head of Asia Pacific as Nicole Musicco, the current head, returns to Toronto to lead OTPP's public equities unit.
XIO Group to acquire Israel's Meitav Dash for $387m
XIO Group, a PE firm founded by several Asia-based investment professionals with a view to buying companies in North America and Europe and helping them tap emerging market opportunities, has agreed to acquire Israeli investment firm Meitav Dash for ILS1.48...
Secondaries: The personal edge
Deep relationships within the GP community can make all the difference in terms of sourcing opportunities – and acting on them quickly – in Asia’s increasingly competitive secondaries market
Actis opens Hong Kong office to focus on IR, client services
Actis has opened an office in Hong Kong that will primarily be used for investor relations and client services activities in Asia, including Australia and New Zealand. The firm already has bases in Beijing and Mumbai.
LP interview: Alberta Teachers' Retirement Fund
When Alberta Teachers’ Retirement Fund developed a private equity program, it was able to learn from the experiences of others and focused on building deep relationships with a select group of managers
Timeliness the key to value-add – AVCJ Forum
PE investors must focus on speed and forward planning when implementing strategies across team building, operational improvements and crisis management, industry participants told the AVCJ Forum in Hong Kong.