News
Zhenrong Energy makes offer for Warburg-invested Titan
Guangdong Zhenrong Energy has offered to pay HK$150-200 million ($19.3-25.8 million) for at least 51% of Titan Petrochemicals, the debt-laden shipping and oil storage firm against which Warburg Pincus has asked a court to launch liquidation proceedings....
Indonesia caps foreign ownership of local banks at 40%
Foreign ownership of Indonesian banks will be capped at 40%, although exceptions will be made for listed banks with strong financial health and high levels of tier-one capital. On this basis, it appears that DBS Group’s $7.2 billion bid for Bank Danamon...
China to buy LP interests from GM pension plan
The Chinese government has agreed to buy stakes in a string of private equity funds, including vehicles managed by The Carlyle Group, The Blackstone Group and CVC Capital Partners, from General Motors’ (GM) pension plan.
Hony bets on China convertibility experiment
Hony Capital is set to become the first private equity player to enter the Shenzhen-Qianhai new business zone, a pilot project for greater renminbi convertibility. John Zhao, Hony’s CEO, said the company may raise its next renminbi-denominated fund...
CBC backs US-based power solutions provider
China Broadband Capital (CBC) has participated in a $22 million funding round for IntelliBatt, a US-based power solutions provider of power supply and battery monitoring systems. The round was led by Columbia Capital.
PE-backed Manipal Global considers stake sale – report
Several PE firms and UK media conglomerate Pearson are reportedly considering a stake purchase in Manipal Global. The transaction would facilitate the exits of IDFC Private Equity and Capital International, which together hold more than 12% of the company.
Leopard Capital reaches $20m first close on Haiti fund
Southeast Asia-focused frontier investor Leopard Capital has reached a first close of $20 million on the first dedicated Haiti fund raised since the 2010 earthquake. The final target is $40-75 million.
Australia’s PEP sells Hoyts Distribution to Studiocanal
Pacific Equity Partners (PEP) has exited Hoyts Distribution, the largest independent film distributor in Australia and New Zealand, to European film giant Studiocanal. The private equity retains other Hoyts Group assets, including cinema operator Hoyts...
CHAMP in $192m take-private bid for Gerard Lighting
CHAMP Private Equity has launched a A$186 million ($192 million) takeover bid for Australian light fittings distributor Gerard Lighting Group. The bid has won unanimous approval from Gerard’s board and the Gerard family, which has a 52% stake, has said...
Munich Private Equity Partners opens office in Shanghai
Munich Private Equity Partners (MPEP) has opened an office in Shanghai as it looks to increase investment allocations to Asian markets.
Janalakshmi microfinance raises $26m from PE investors
Bangalore-based microfinance institution (MFI) Janalakshmi Financial Services has raised INR1.45 billion ($26.4 million) in a Series C round of funding from a group of investors.
Pantheon closes sixth Asia fund at over $700m
Pantheon has secured more than $700 million for its sixth Asia-focused fund-of-funds, sources confirmed to AVCJ. The amount raised for Pantheon Asia Fund VI surpasses earlier speculations which put the amount at $500-600 million.
Potential PE target Ingham Chicken goes on the block
Ingham Enterprises, Australia’s largest poultry producer, has put itself up for sale, alerting potential private equity bidders. Sole shareholder Bob Ingham he had decided to exit “after long and careful consideration.” Investec has been appointed...
KKR-backed Seven West launches $450m share issue
KKR investee Seven West Media plans to raise approximately A$440 million ($450 million) through the sale of new shares in order to reduce debt levels. The Australian company, which owns the Seven free-to-air network, the country’s second-largest magazine...
PE-backed Whitehaven Coal receives $5.5b takeover bid
Private equity firms First Reserve and Farallon Capital have reportedly expressed their support for a A$5.3 billion ($5.46 billion) takeover bid for their portfolio company Whitehaven Coal. Coal magnate Nathan Tinkler last Friday offered A$5.20 per share...
Navis exits India call center business via trade sale
Navis Capital Partners has sold its majority stake in Andromeda Sales and Distribution, an Indian financial services distributor, to Casa Capital Management. It is the Malaysia-based private equity firm’s fourth exit in six months.
Goldman, CDH-backed Himin Solar terminates IPO plan
Himin Solar, a Chinese solar water heater company backed by CDH Investments and Goldman Sachs, has suspended plans to list in Shanghai amid speculation about involvement in a corruption scandal that has already seen the removal of a leading politician...
CDH Investments to raise $350m VC fund - report
CDH Investments is reportedly in the process of raising a new venture capital fund worth $300-350 million. The fundraising is expected to reach a final close by the end of this year.
Ropes & Gray to open office in Seoul
US-headquartered law firm Ropes & Gray has announced that it will open an office in Korea. The firm has become the first foreign practice to gain permission from Korea’s Ministry of Justice to establish a presence in the country.
Bain, GIC in $2b joint bid for Genpact stake - report
Bain Capital has reportedly teamed up with the Government of Singapore Investment Corp. (GIC) to formulate a joint bid for a 41% stake in Indian business process outsourcing (BPO) company Genpact.
Titan considers stake sale as Warburg takes legal action
Titan Petrochemicals, the Hong Kong-listed shipping and oil storage firm, is in talks to sell a controlling stake to an unnamed third-party investor. The announcement comes as the company faces a winding up lawsuit filed by Warburg Pincus.
Ontario Teachers to up India exposure, back Kedaara Capital
Ontario Teachers’ Pension Plan (OTPP) plans to increase its allocations to India and Latin America in order to diversify its emerging markets exposure, which is currently more weighted towards China. The pension plan’s first India commitment was to...
India PE lawyer joins Dacheng Wong Alliance
India-qualified corporate lawyer Yang Yen Thaw has joined Dacheng Wong Alliance, the Singapore joint venture between China’s Dacheng and Singapore’s Wong Alliance.
Unison launches $104m offer for South Korea’s Nexcon
Japanese private equity firm Unison Capital has launched a KRW119.8 billion ($104 million) tender offer for Nexcon Technology, a manufacturer of products for lithium-ion secondary batteries.