USA
Massachusetts PRIT has best performing PE portfolio – study
Massachusetts Pension Reserves Investment Trust (PRIT) Fund has the best performing private equity portfolio among US pensions, returning 9.1% and 15.4% on a five-year and a 10-year basis, according to a study by the Private Equity Growth Capital Council...
PennSERS commits $50m to Asia Alternatives separate vehicle
Pennsylvania State Employees’ Retirement System (PennSERS) has committed a further $50 million to Penn Asia Investors, a separate account managed by Asia Alternatives that focuses on opportunistic investments in funds across the region. Last year the...
Hong Kong Aircraft Engineering buys Timco from Owl Creek for $389m
Hong Kong Aircraft Engineering (HAECO), a listed aircraft maintenance provider controlled by Swire Pacific, has agreed to buy US-based Timco Aviation Services for $388.8 million from hedge fund operator Owl Creek Asset Managers.
VC-backed Chinese lottery site files for $150m US IPO
VC-backed Chinese sports lottery provider 500.com has made an initial filing to raise around $150 million through an IPO on the New York Stock Exchange.
China’s Sungy Mobile targets $80m US IPO
Sungy Mobile, a Chinese app developer backed by IDG Capital Partners, JAFCO, WI Harper and China Broadband Capital (CBC), is targeting a $80 million IPO and a listing on the New York Stock Exchange. The company, which focuses on apps, widgets and functions...
CITIC oils Stackpole’s China wheels
The oil pumps use to lubricate engine parts and reduce friction come in two forms: fixed and variable. The first are usually oversized to handle the harshest operating conditions and therefore deliver higher average oil pressure and consume more power...
Ex-Qiming partner Hans Tung joins GGV Capital
Hans Tung, formerly Beijing managing partner at Qiming Venture Partners, has become a partner at GGV Capital. He is based in Silicon Valley but will be part of GGV’s single team that invests across the US and China.
Yale trims private equity allocation
The Yale University endowment, feted among institutional investors for pioneering a portfolio management model characterized by a relatively heavy exposure to illiquid assets, has trimmed its private equity allocation for the first time since 2005.
Harvard appoints new private equity head
Harvard Management Company (HMC) - the investment arm of Harvard University - has appointed Lane MacDonald as its new managing director of private equity.
Japan's Astellas Pharma leads US-based Mitokyne $45m Series A round
Astellas Pharma, a Tokyo-listed pharmaceutical firm, has led a $45 million Series A round of investment in US biotech start-up Mitokyne, alongside MPM Capital and Longwood Founders Fund.
CITIC Capital, Crestview buy machinery supplier Stackpole
CITIC Capital Partners has teamed up with New York-based Crestview Partners to buy Stackpole International, a North American machinery supplier, from Sterling Group and Current Capital. The transaction value was not disclosed but it is reportedly $512...
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...
Japan's Mitsubishi launches energy-focused fund-of-funds
Japan's Mitsubishi Corp. has led the launch of a $300 million US energy-focused private equity fund-of-funds. Energy Opportunity Fund is expected to reach its target by September next year.
Matrix Partners exits China Bona Film to Fosun
Matrix Partners China and other undisclosed pre-IPO shareholders have exited a 6.4% stake in Bona Film Group, a NASDAQ-listed film distributor in China, to Chinese conglomerate Fosun International for $20.8 million.
Alibaba leads $50m Series C round for Quixey
Alibaba Group has led a $50 million Series C round of investment for Quixey, an US-based search engine for apps. New investor GGV Capital and existing backers Atlantic Bridge, Innovation Endeavors, Translink Capital, US Venture Partners, and WI Harper...
China Media Capital backs Charm Communications take-private
Hong Kong-based China Media Capital is backing management buyout of Charm Communications, a US-listed Chinese advertising agency. The bid values the company at about $180 million.
500 Startups raises $44.1m second fund
Silicon Valley-based incubator 500 Startups has held a final close of $44.1 million second fund that will back seed and accelerator companies. The vehicle – 500 Startup Fund II - is larger than its predecessor but below the $50 million target.
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?
VC-backed Chinese online marketplace targets $150m US IPO
Chinese venture capital-backed local marketplace website 58.com filed for its US IPO, targeting up to $150 million.
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...
VC-backed Montage raises $71m in US IPO, closes up on first day trading
Montage Technology Group, a China-based semiconductor manufacturer backed by AsiaVest Partners and Intel Capital, saw its stock jump 28% to close at $12.80 on its first day of trading on NASDAQ. It is the second PE-invested Chinese company to go public...
Japan's KDDI, Cisco lead $10m Series A for Moxtra
Japanese telecom firm KDDI Corp and US tech giant Cisco Systems have led a $10 million Series A round of investment for Silicon Valley-based app developer Moxtra. Other investors include China's Innovation Works and Starwood Capital's Barry Sternlicht.
Horizons Ventures backs Zoom Video Series B round
Hong Kong billionaire Li Ka-Shing’s Horizons Ventures, which is known for investments in Facebook and Skype, has led a $6.5 million Series B funding round for Zoom Video Communication, a California-based cloud conferencing operator.
PE-backed Cheniere Energy Partners files for $690m IPO
Cheniere Energy Partners (CEP) - a subsidiary of Cheniere Energy, a US liquefied natural gas (LNG) company backed by Hong Kong's RRJ Capital and Blackstone credit arm GSO Capital - hopes to raise as much as $690million through an IPO on the New York Stock...