Exit
Quadrant exits Summerset, buys Estia Health
Quadrant Private Equity has fully exited New Zealand retirement village operator Summerset via the public market, generating an estimated return multiple of more than 3.7x. In the same week, it acquired a majority stake in Australian aged-care operator...
3Q analysis: Haves and have nots
Third quarter analysis: Fundraising fortunes become ever more polarized; Korea continues to be the stand-out buyout market, while India shows growth from a very low base; China IPOs are on the comeback trail
India IPOs: The road less taken
India is launching a pilot scheme that will allow certain companies to list overseas without first going public domestically. VC investors see the positives but they want further clarification on the rules
People’s Daily to buy Sequoia-backed online literacy platform
People.cn, a Chinese online newspaper run by state-owned People’s Daily, intends to purchase a 69.25% stake in Kanshu.com, an online book reading platform backed by Sequoia Capital, for RMB249 million ($40.8 million).
OzForex shares jump on debut following $416m IPO
OzForex Group - an Australian online foreign exchange services provider backed by The Carlyle Group, Accel Partners and Macquarie Group - saw its shares jump nearly 30% on its first day of trading following a A$440 million ($416 million) IPO.
Alibaba will not pursue Hong Kong listing
Alibaba Group has decided not to pursue a Hong Kong IPO after efforts to persuade the exchange to accommodate a shareholding structure that allows management to retain control of the business met with a lukewarm response. It is unclear where the listing...
Goldman to raise up to $315m in Geely Auto sell down
Goldman Sachs Principal Investment Area, an investment unit of Goldman Sachs, plans to sell-down its entire stake in Hong Kong-listed Geely Automobile Holdings, raising up to HK$2.44 billion ($315 million).
Everbright Ashmore exits Chongqing shopping for 2.1x return
Everbright Ashmore has sold its investment in Chongqing shopping mall IMIX Park, making the second exit from the $153 million Everbright Ashmore China Real Estate Fund I.
VC-backed Value HR sees shares double after $8.5m Japan IPO
VC-backed Value HR, a Japanese human resources benefits service provider, saw its stock more than double in value to JPY4035 ($41.5) on its trading debut in Tokyo on Friday.
Asia PE fundraising recovers to $9.5b in third quarter
Asia-focused private equity funds raised $9.5 billion in the third quarter of 2013, up from the multi-year low of $5.2 billion in the previous quarter, according to provisional data from AVCJ Research. A total of 54 vehicles reached a partial or final...
Tech IPOs: An issue of control
Alibaba Group wants the Hong Kong Stock Exchange to permit a bespoke IPO structure that would allow management to retain board control. By refusing, is the bourse going to forgo more China tech business?
TPG exits a more diversified UT Capital
Property prices in China are inextricably linked to government policy. Vigilant to the emergence of bubbles in different geographies and segments, the authorities are ready with measures to curb price growth, but they must also ensure a sector that contributes...
Baidu, VC-backed travel website Qunar files for $125m IPO
Qunar, a Chinese travel website majority-owned by internet search giant Baidu, is looking to raise up to $125 million through an IPO in the US. GSR Ventures and GGV Capital still hold minority positions in the company but it is unclear whether they plan...
Australia’s Wolseley exits magazine publisher to trade buyer
Wolseley Private Equity has completed its second exit in a month with the sale of Australian magazine publisher nextmedia to Forum Media Group.
India eases offshore listing rules
Indian companies will be allowed to pursue IPOs overseas without first listing domestically in a move that should please private equity and venture capital investors looking for alternative exit routes. The broader policy objective is to shore up capital...
Alibaba acquires VC-backed cloud computing Kanbox
Alibaba Group has agreed to buy Kanbox, a Chinese cloud storage service provider backed by Susquehanna Asia Investment and DCM. The value of the deal was not disclosed.
TPG exits China leasing business to Haitong Securities for $715m
TPG Capital has agreed to sell Chinese financial leasing business UT Capital Group to Haitong International Holdings for approximately $715 million. It brings to an end a five-year ownership period during which UT Capital has expanded its activity from...
Australia’s Ironbridge alters LP secondary exit proposal
Ironbridge Capital’s LPs will not be obliged to commit capital to a new fund as a condition of participation in a vehicle set up by the Australian GP to absorb assets held by its first two funds. AVCJ understands that the proposal has been amended so...
PE-backed OzForex plans $413m IPO
OzForex Group - an Australian online foreign exchange services provider backed by The Carlyle Group, Accel Partners and Macquarie Group - plans to raise $440 million in its Australian IPO scheduled for October 11.
Abraaj exits Philippines hospital DMMC
The Abraaj Group has made a full exit from Daniel O. Mercado Medical Center (DMMC), a tertiary care hospital based in the Philippines. The exit is said to have been through a buy-back arrangement with the Mercado family.
Gresham PE exits Tasmanian Walking Company
Gresham Private Equity has exited Australian tour firm Tasmanian Walking Company (TWC) to Virgin Australia co-founder Brett Godfrey. The financial details were not disclosed.
Hony still committed to China SOE restructuring, more focused on value creation
Hony Capital has pledged to remain a China-focused investor despite the country’s slowing economic growth and forays by other private equity firms into new markets in order to diversify risk. Hony’s emphasis will be on value creation, particularly...
China Private Equity Investment exits AIP Global to Capital VC
China Private Equity Investment Holdings (CPE) has agreed to sell its entire holding of 2.45% in AIP Global, a Hong Kong-based investment holding company that focuses on the financial sector, to Capital VC for HK$15 million ($19 million).
PE-backed Australia pub fund targets IPO - report
Australian Pub Fund, which is backed by M.H. Carnegie & Co. and Australian superannuation fund Sunsuper, is said to planning an IPO on the Australian Securities Exchange.