China
Bain raises $69.7m through Sunac sell-down
Bain Capital has raised HK$540 million ($69.67 million) by selling a portion of its shares in Sunac China Holdings, a Hong Kong-listed Chinese property developer.
PE-backed AAG plans $200m Hong Kong IPO – report
Asian American Gas (AAG) Energy, a China-based gas developer backed by Warburg Pincus, Baring Private Equity Asia and Chengwei Ventures, is reportedly planning to raise up to $200 million through a Hong Kong IPO.
MBK reaches first close of $1.25b on Fund III
MBK Partners has reached a first close of $1.25 billion on its third buyout fund, industry sources have told AVCJ. The vehicle launched in September and has a full target of $2.25 billion. MBK declined to comment.
Shanghai Private Equity Association to launch fund-of-funds
Shanghai Private Equity Association will partner with CITIC Securities and Bank of Shanghai to establish a RMB3 billion ($482 million) fund-of-funds.
Muddy Waters founder may launch hedge fund
The founder of short-seller research firm Muddy Waters, which claims responsibility for exposing financial irregularities among US-listed Chinese companies, is considering launching a hedge fund.
China Life to support Suzhou infrastructure fund
China Life has partnered with the government of Suzhou to roll out a RMB10 billion ($1.6 billion) infrastructure fund. It said to be the first private equity infrastructure fund launched by a domestic insurer.
Mandarin Capital opens offices in Beijing, Munich
Sino-European private equity firm Mandarin Capital Partners is opening two new offices in Beijing and Munich, Alberto Forchielli, the firm's founding partner, told AVCJ. The moves come as the PE player is in the process of raising its EUR1 billion ($1.3...
Morgan Stanley in China convenience store carve-out
Morgan Stanley Private Equity Asia (MSPEA) is on course to complete a carve-out of China Financial Services Holdings’ (CFSH) convenience store business, Hi-24.
Gen2, China Private Equity in partnership agreement
Gen2, a Hong Kong-based asset management firm that focuses on Greater China private equity opportunities, has formed an alliance with China Private Equity Investments Holdings (CPE), an AIM-listed vehicle that claims to offer European investors to Chinese...
VC-backed China tech firm YY jumps 7% on NASDAQ debut
Shares in venture capital-backed social networking platform YY climbed 7.7% on their NASDAQ trading debut after the company completed the first IPO by a Chinese firm in the US in seven months.
Fosun gets 20% stake in Taiwan bakery store
Fosun has invested NT$360 million ($12.3 million) to acquire a 20% stake in Taiwan’s Vigor Kobo, a bakery chain that produces traditional cakes and pastries. The deal is said to represent the first Chinese conglomerate's first foray into Taiwan’s...
IDG-Accel China in take-private bid for US-listed Memsic
IDG-Accel China has submitted a takeover bid for NASDAQ-listed Memsic that values the semiconductor manufacturer at $96.8 million. The prospective investor would like to work with Yang Zhao, Memsic’s founder and CEO, to formulate a definitive proposal...
CDIB Capital invests in US-based Smith-Cooper
CDIB Capital, the overseas investment arm of China Development Financial Holding Corporation, has invested in Smith-Cooper International, a US-based manufacturer of pipe, valves and fittings. Blue Point Capital Partners also participated in the funding...
VCs channel $25m into China’s Innovent Biologics
Innovent Biologics, a China-based manufacturer of monoclonal antibodies, has raised $25 million in Series B financing from Lilly Asia Ventures, the VC arm of global pharmaceutical company Eli Lilly, and existing investors Fidelity Biosciences and Fidelity...
VC tackles China dining: Fast food, quicker expansion
Qiming Venture Partners decided to create a China casual dining chain from scratch in order to replicate an outsourcing model that has worked in other industries. Cloud 9 is now aggressively building out its network
FountainVest in rapid fundraise
FountainVest Partners reached a final close on its second fund at $1.35 billion last week, but the process was more or less completed in July when the China-focused GP announced a first close of $1 billion, about four months after launch.
Ontario Teachers leads funding round for China’s 360Buy.com
Ontario Teachers' Pension Plan (OTPP) has led a $300 million round of funding for 360Buy.com, China’s second-largest business-to-consumer e-commerce website by revenue.
Squadron’s Prasanna joins Morgan Creek in Shanghai
Anand Prasanna, known to many in the industry as Anand RP, will join Morgan Creek Capital Management as a director in their Shanghai office. He left his previous position as an investment director at Squadron Capital, an Asia-focused fund-of-funds, two...
Slowdown in IPO exits is boon for trade sales - AVCJ Forum
Public market volatility has more or less cutting off IPO exits and investors don't expect a turnaround in the short term. However, PE firms that target control deals are excited by the prospects for trade sales.
LionRock leads $11m round for Chinese casual dining chain
LionRock Capital has led an $11.5 million Series C funding round for YPX Cayman Holdings, which operates the Cloud 9 casual dining chain in China. Existing investors Qiming Venture Partners and Ignition Capital also participated.
LPs wary about raising Asia PE allocations above 10% - AVCJ Forum
Institutional investors are generally happy to deploy 10% of their private equity allocation in Asia, but they say it is difficult to justify increasing this portion until risk factors ease and local managers build up stable teams and more substantive...
Investors give prognosis for healthcare investment in Asia - AVCJ Forum
Despite regulatory hurdles and a waning IPO market, the healthcare care sector is an increasingly attractive area of investment for venture capitalists.
China's innovative entrepreneurs are chasing Silicon Valley - AVCJ Forum
China’s venture capital industry may not yet be ready to rival Silicon Valley, but companies are still exhibiting strong growth and, in certain cases, pursuing business models as innovative as those found in the US.
China to remain world's leading emerging market – AVCJ Forum
Asia – and China in particular – will remain the preeminent emerging markets destination for private equity despite moderating growth and increased competition for deals, GPs told the AVCJ Forum.