News
China's Luckin Coffee reveals $310m in fabricated sales
Luckin Coffee, a PE-backed Chinese coffee shop chain that went public in the US last year, has admitted that RMB2.2 billion ($310 million) worth of sales booked in 2019 were fabricated.
China AI player 4Paradigm closes $230m Series C
4Paradigm, a Chinese artificial intelligence (AI) start-up, has raised about $80 million in an extended Series C round, bringing its valuation to more than $2 billion.
CVC closes fifth Asia fund at $4.5b
CVC Capital Partners has closed its fifth Asia fund at the hard cap of $4.5 billion. The firm said the step up from $3.5 billion for Fund IV reflects an expansion in its regional investment capabilities.
L Catterton backs Japan cosmetics brand Etvos
Consumer-focused private equity firm L Catterton Asia has confirmed a significant investment of undisclosed size in Japanese cosmetics brand Etvos.
Ocean Link seeks $7b privatization of China's 58.com
Ocean Link, a Chinese private equity firm that targets travel, tourism and related consumer subsectors, has made a take-private offer for online classifieds marketplace 58.com that values the business at approximately $7 billion.
Blackstone increases stake in India’s Mphasis
The Blackstone Group has purchased shares worth INR51.7 billion ($67.9 million) to increase its stake in Indian IT services provider Mphasis by 4.01% to 56.21%.
VC-backed Chinese AR start-up raises $26m in US IPO
WiMi Hologram Cloud, a PE-backed Chinese augmented reality (AR) technology developer, traded flat on its opening day on NASDAQ following a $26.1 million IPO.
China's Haier raises $134m for industrial internet platform
COSMOPlat, an industrial internet platform developed by Chinese home appliance giant Haier Group, has raised RMB950 million ($134 million) in Series A funding led by the state-owned China Structural Reform Fund.
LeapFrog leads $55m round for India's MedGenome
MedGenome, an India-focused provider of genetic testing solutions, has raised $55 million in a funding round led by LeapFrog Investments.
Openspace co-leads $17m round for Indonesia's TaniHub
TaniHub, an online marketplace for farm products in Indonesia, has raised more than $17 million in a funding round led by Openspace Ventures and Intudo Ventures.
China's Gaocheng secures $300m for debut US dollar fund
Gaocheng Capital, a China-focused private equity firm established in 2018 following a spin-out from Hillhouse Capital, has closed its first US dollar-denominated fund with $300 million in commitments.
Japan's GPIF names ex-Goldman executive as CIO
Eiji Ueda, formerly co-head of securities for Goldman Sachs in Asia Pacific, has replaced Hiromichi Mizuno as CIO of Japan’s Government Pension Investment Fund (GPIF).
TNB Aura launches COVID-19 special situations fund
Singapore VC firm TNB Aura has launched an open-ended special situations fund that will support early-stage start-ups under financial pressure related to COVID-19.
KKR hires BAML executive in Japan
KKR has recruited Hidekazu Harada, previously co-head of Japan investment banking at Bank of America Merrill Lynch (BAML), as a managing director for its private equity team in Tokyo.
Indian fintech Juspay raises $21m Series B
Juspay, a developer of mobile payment solutions for online businesses, has raised $21.6 million in a Series B round led by Vostok Emerging Finance, a Swedish investment firm.
Japan mobile banking player gets $45m Series C
Kyash, a Tokyo-based mobile banking start-up, has received $45 million in Series C funding led by Greenspring Associates and Goodwater Capital.
Square Peg joins Series B for Singapore's Doctor Anywhere
Australian VC firm Square Peg Capital has joined a $27 million Series B round for Singapore-based healthcare technology provider Doctor Anywhere.
Hillhouse leads $1b round for China’s Yuanfudao
Chinese online education start-up Yuanfudao has seen its valuation soar to $7.8 billion on closing a $1 billion funding round led by Hillhouse Capital.
Ashurst hires Danny Tan as Asia investment funds head
Ashurst has recruited Danny Tan from Allen & Gledhill to lead its investment funds practice in Asia Pacific. He will continue to be based in Singapore.
Shanghai CDMO player gets $51m Series A
Zhenge Biotech – a Shanghai-based contract development and manufacturing organization (CDMO) for large molecule drugs – has raised $51 million in Series A funding led by Lyfe Capital.
BGH, OTPP pull out of New Zealand dentistry deal
BGH Capital and Ontario Teachers’ Pension Plan (OTPP) have scrapped plans to acquire New Zealand dentistry chain Abano Healthcare citing material changes caused by COVID-19.
ADB invests $100m in state-backed Indian fund-of-funds
The Asian Development Bank (ADB) has invested $100 million in NIIF Fund of Funds, a rupee-denominated fund-of-funds vehicle anchored by the Indian government.
China's Wanda exits Ironman to strategic, PE buyers
Wanda Sports Group, the sports, media and marketing subsidiary of Chinese real estate conglomerate Wanda Group, has sold the Ironman brand to two US-based investors for an enterprise valuation of $730 million.
Unicorn India Ventures reaches first close on second fund
Unicorn India Ventures, a Mumbai-headquartered seed investor, has achieved a first close of INR900 million ($11.9 million) on its second venture capital fund.
