Co-investment
Suning invests in Yunfeng co-invest vehicle for iKang take-private
Chinese consumer electronics retailer Suning has committed $50 million to a US dollar-denominated co-investment vehicle managed by Yunfeng Capital that will support the $1.4 billion privatization of iKang Healthcare Group.
Family offices: Character actors
Family offices are driven by personalities and ideals that cannot be understood as part of an industry pattern. Relationship building is therefore more intimate than transactional
Malaysia to invest $478m in PE, VC matching scheme
The Malaysian government will allocate MYR2 billion ($478 million) to a co-investment scheme that will match investments made in the country by private equity and venture capital funds.
Q&A: Hong Kong Monetary Authority's Clara Chan
Clara Chan, CIO for private markets at the Hong Kong Monetary Authority, discusses ever-larger pan-Asian funds, approaches to co-investment, addressing economic volatility, and the evolving GP-LP relationship
Separately managed accounts: Bespoke buyouts
Co-investment alongside a single strategy is the most common function of separate accounts in Asia, but establishing parameters that meet the needs and rights of all stakeholders can still be challenging
US pension funds: Going direct
California Public Employees’ Retirement System's (CalPERS) decision to launch a private equity direct investment strategy sets it apart from its counterparts, but the plan will need conviction and focus to succeed
CalPERS to launch direct private equity investment unit
California Public Employees’ Retirement System (CalPERS), the largest public pension fund in the US, plans to deploy up to $13 billion a year in direct private equity deals through two newly formed funds.
CPPIB's Asia private equity exposure tops $13b
Canada Pension Plan Investment Board (CPPIB) continues to ramp up its exposure to Asian private equity, with called and uncalled commitments rising 27% to C$17.1 billion ($13.3 billion) for the 12 months ended March 2018.
LP interview: Hermes GPE
Hermes GPE has fine-tuned its co-investment strategy since establishing a presence in Asia. Iesan Tsai, the group’s regional head, will work with portfolio GPs or fund-less sponsors in pursuit of the right deal
HarbourVest closes flagship fund-of-funds at $1.7b
HarbourVest Partners has closed its latest fund-of-funds targeting European and Asian markets with $1.7 billion in commitments.
Korea Post seeks managers for global co-investment
Korea Post plans to commit $200 million across two funds that offer global private equity co-investment exposure.
Sovereign wealth funds: Size matters
GIC Private is an example of a sovereign wealth fund that has developed wide-ranging private equity capabilities. More of its peers have been boosting exposure to alternatives, highlighting the prospect of increased direct investment, but establishing...
Japan Post: Stamp of approval
A newly launched private equity vehicle under the Japan Post brand is being hailed as a validation of the asset class domestically. It could be a critical juncture for the development of local technology markets
Japan Post entities form joint PE investment unit - update
Japan Post Bank and Japan Post Insurance have agreed to form a joint asset management company that will make direct private equity investments, mostly in partnership with GPs.
LPs sharpen focus on active investment in Asia – AVCJ Forum
LPs must engage GPs more carefully as they become increasingly active players in Asia’s rapidly evolving private equity space, industry participants told the AVCJ Forum.
LP interview: LGT Capital Partners
LGT Capital Partners sees Asia as a misunderstood investment destination among Western LPs due to unfounded concerns about the risk of the region. Local connections are key to building a strong strategy
NZVIF expands seed-stage mandate
The New Zealand Venture Investment Fund (NZVIF), a government-sponsored fund-of-funds, has doubled the investment cap of its seed-stage vehicle to NZ$1.5 million ($1.1 million) per company.
US LPs & co-investment: Risk appetite
There are various practical reasons - concerning legal, oversight and human reasons - why US pension funds are not as aggressive as their Canadian peers in private equity. A change in mindset would also be helpful
LP interview: Verlinvest
Verlinvest has built strong consumer sector presence in Asia through PE fund commitments and direct deals. Nicholas Cator, an executive director at the family office, says the latter are more important than the former
LPs going direct: In the shadows
While appetite for co-investment among LPs continues unabated, the notion of going solo on deals is more talked about than acted on in Asia. But shadow capital still poses a threat to managers
The hybrids: GPs seek to work with Australian family offices
Australia’s lower middle market is rich in investment opportunities but underpenetrated by private equity. Local family offices are increasingly keen on participating, although in their own way
LPs see limitations as well as opportunities in Asia co-investment
Co-investment opportunities are increasing in Asia, with LPs pushing for direct exposure to deals and GPs more willing and able to bring them in, but they do not appeal to all institutional investors.
Fosun agrees strategic partnership with India’s Iron Pillar
Chinese conglomerate Fosun International has entered a strategic partnership with Iron Pillar, an India-based VC firm focused on mid-stage technology companies, to make co-investments in India.
LP interview: QIC
Australia-based QIC is one of a handful of LPs able to co-underwrite investments alongside GPs. While there have been a few domestic solo deals, the group still sees itself more as partner than rival