regulation
Bain, TPG ask for Lilliput audit report to be made public
Bain Capital and TPG Capital filed an application with Delhi High Court Thursday, requesting that an interim report by a court-appointed independent auditor on portfolio company Lilliput Kidswear be made public. The private equity firms have been in conflict...
Foreigners secure entry to India’s secondaries market
Indian regulators have opened the door for foreign PE investors seeking to buy secondary stakes in domestic companies. Is this the jumpstart India’s secondary market needs?
The listening regulator
To ask an Indian private equity professional what he thinks of domestic regulators is to invite a torrent of feedback, most of it critical. “They don’t understand the industry… They don’t listen to what we have to say… They are incompetent…”...
Shanghai to allow PE funds to raise RMB for overseas investment
Shanghai is planning to launch a pilot program that would allow both international and domestic private equity managers to raise renminbi from Chinese companies and individuals for outbound investments.
Indian regulator finalizes PE oversight measures
The Securities and Exchange Board of India (SEBI) has released a final version of regulations intended to tighten its control over the private equity industry. The new rules governing alternative investment funds (AIFs) replace the venture capital funds...
Sino-Forest’s major shareholder proposes restructuring plan
The largest shareholder in Sino-Forest has proposed a restructuring plan for the Chinese forestry company following last week’s board announcement that a Canadian court had granted protection from creditors as it looked into sale options.
PE firms wary of India’s proposed tax law changes
Foreign private equity investors remain concerned about perceived ambiguities in India’s proposed anti-avoidance legislation, which impacts the tax treatment of offshore structures used to channel capital into the country. The legislation forms part...
India relaxes rules on secondary deals by foreign PE firms
Foreign private equity and venture capital firms now have license to pursue direct secondary transactions in India after the country’s central bank relaxed regulations on their activity. It potentially opens the door to a string of asset purchases from...
Tata Capital to offer private investment banking in Singapore
Tata Capital will set up a private investment banking business in Singapore with a view to starting operations within two years. It plans to focus on private equity and fund management capabilities as well as wealth management and securities broking.
TCT gets Chinese equity investment management license
Singapore-based Treasury China Trust (TCT), run by Treasury Holdings Group, Ireland’s largest property group, has received approval from the Chinese regulator to establish an equity investment management business in Shanghai.
Big payouts detract from the real issues
The Last couple of months have been interesting times for private equity but perhaps largely for the wrong reasons. As all of you know, Mitt Romney’s bid for the Republican presidential candidacy has spurred criticism from rival politicians keen to...
China to include PE in new securities fund law
China is likely to introduce a revised securities fund law this year, which could classify private equity vehicles as a legal product subject to clearer regulations.
SEC files lawsuit against executives of Chinese coal company
The US Securities and Exchange Commission (SEC) has filed a lawsuit against two Chinese executives from Puda Coal, accusing them of shifting its main asset to a third-party company and then selling a stake to CITIC Trust. Ming Zhao and Liping Zhu, chairman...
CalPERS criticizes PE industry on tax breaks
Joe Dear, CIO of the California Public Employees’ Retirement System (CalPERS), waded into debate on how private equity is taxed in the US, saying that buyout firm executives “risk becoming the robber barons of the 21st century” if they don’t back...
SEC inquiry targets PE asset valuation mechanisms
Private equity firms have been asked to disclose to US regulators information on how they value assets, as well as on areas including fundraising and fund formation, as part of an informal inquiry into the industry. The Securities and Exchange Commission...
Ownership issues trouble state-backed PE firms
Chinese private equity firms that count government-related entities among their shareholders face uncertainty over their financial obligations to the state
Yawadwipa targets $750m buyout of Indonesia’s Bank Mutiara
Yawadwipa, the startup Indonesia-focused merchant banking operation that recently unveiled plans for a $1 billion private equity fund, has express an interest in acquiring state-owned PT Bank Mutiara for around $750 million. The price is based on the...
PE and Chinese outbound investment
Who writes CITIC Private Equity's scripts? The day after the conclusion of the World Economic Forum’s annual meeting, where China and its role in the global economy was inevitably an area of focus, it was announced that Sany Heavy Industry would purchase...
CDB fails to land RBS aviation unit despite making highest bid
China Development Bank (CDB) made the highest bid for Royal Bank of Scotland’s aviation-leasing unit but lost out on the transaction due to concerns about its ability to close the deal. The asset was sold to Sumitomo Mitsui Financial Group (SMFG) for...
FBI searches offices of firm linked to Chinese reverse takeovers
The Federal Bureau of Investigation has conducted a search of the offices of New York Global Group, a private equity investment and corporate advisory firm. New York Global, led by Benjamin Wey, helped Chinese companies go public in the US through reverse...
US increases disclosure requirements for foreign listings
The US Securities and Exchange Commission (SEC) has introduced rules that compel foreign companies seeking US listings to file their registration documents publicly. Previously, IPO documentation remained confidential until the issuers were ready to launch...
China targets illicit PE fundraising
Horror stories of individual investors being talked into committing capital to suspect private equity funds have prompted regulatory intervention in China. But progress is slow and the road is long.
Indian commodity exchange in talks with PE firms
India’s fourth largest exchange, the National Multi-Commodity Exchange of India (NMCE), is in talks with five private equity firms and banks to raise INR300-350 million ($5.9-6.9 million) to comply with minimum capital rules.
Indian regulator unveils plans to help promoters reduce holdings
The Securities and Exchange Board of India (SEBI) has released proposals designed to make it easier for entrepreneurs or promoters to lower their stakes in companies in order to meet minimum public shareholding limits. Share buybacks via tender offers...