News
TPG targets up to $5b for Asia-focused fund
TPG Capital is reportedly raising the largest Asia-focused fund since the onset of the global economic crisis, targeting $4-5 billion.
Carlyle, Advent to launch joint bid for Tech Mahindra stake
The Carlyle Group and Advent International are expected to launch a joint bid for British Telecom’s 23.2% stake in Tech Mahindra, India’s fifth-largest IT services firm. The deal could be worth $500 million.
Asia Pacific LPs put up nearly 25% of EQT’s $6.5b fund
EQT Partners has raised EUR4.75 billion ($6.5 billion) for its sixth European buyout fund, with Asia Pacific LPs accounting for 23% of commitments, up from just 5% in the firm’s previous vehicle. According to people familiar with the situation, Chinese...
Xunlei backs out of IPO due to market volatility
Xunlei, the Chinese software company backed by Morningside Technologies, IDG Ventures and Ceyuan Funds, has shelved plans for a $200 million IPO on NASDAQ.
Intel Capital plans second India fund
Intel Capital is planning to launch its second India-focused private equity fund. The company, which spun out from chip maker Intel, is targeting a raise of $250 million, investments bankers told The Business Standard.
Affinity completes acquisiton of Primo Smallgoods
Affinity Equity Partners has officially acquired Australian deli meats producer Primo Smallgoods with the help of A$580 million ($563 million) in financing, sources told Reuters.
Lone Star decides against Korean court appeal - report
Lone Star has reportedly decided against appealing a Korean court’s ruling that it should pay KRW25 billion ($21 million) for manipulating the stock prices of the Korea Exchange Bank in 2003.
Aureos sells Thai wastewater purification firm ECM
The Aureos South East Asia Fund has exited its stake in Thai industrial wastewater purification firm Environmental Care Management (ECM) to an undisclosed consortium of investors for $3.7 million.
Prudent Energy gets $29.5m from Asian investors
Prudent Energy, a US- and Beijing-based energy storage firm, has raised $29.5 million in an investment rounding led by Japan’s Mitsui & Co. and including Vangoo Investment Partners – which is an affiliate of Japan’s Ant Capital Partners - Asia Clean...
Standard Chartered backs South Korea’s Daelim Motor
Standard Chartered Private Equity (SCPE) has agreed to invest $61 million in Daelim Motor, South Korea’s leading motorcycle and auto parts manufacturer. The private equity firm will take a stake of unspecified size by subscribing to new shares in the...
Asia buyouts struggle as banks clamp down on lending
Buyout deals in Asia are becoming more difficult as banks hold back on lending. Rising capital costs have made lenders wary of the risks tied to mispricing a loan, leaving private equity firms to increase the cash portion of buyouts.
BC Partners not ruling out an IPO for Fitness First
UK-based BC Partners still plans to list gym chain Fitness First in Asia if a buyer is not found, according to sources familiar with the situation. This comes one week after the private equity investor called off Fitness First’s planned IPO in Singapore...
China Science & Merchants launches first USD fund
China Science & Merchants (CSM) has launched its first US dollar-denominated fund and is seeking to raise $1 billion. EME Capital has been appointed global coordinator for the fundraising.
TA Associates invests in Asia-focused telecom firm Aicent
TA Associates has made an undisclosed growth capital investment in data network provider Aicent, which provides services to Asian telecom operators.
Japan's Murata Manufacturing acquires VTI Technologies
Private equity fund EQT III will divest its 100% stake in Finish motion sensor parts maker VTI Technologies to Japanese electronic parts maker Murata Manufacturing for JPY20 billion ($261 million).
Bain set to acquire Japan's Skylark for $3.4b
Bain Capital is finally set to acquire Japanese restaurant chain operator Skylark from Nomura Holdings for approximately JPY260 billion ($3.4 billion) including debt, after more than six months of delays.
South African hospital firm invests in India's Max Healthcare
South African hospital chain Life Healthcare will acquire at 26% stake in Max Healthcare for INR5.16 billion ($104 million) in what is one of the largest foreign investments in India’s healthcare sector.
Khazanah’s Parkway tipped to buy Sterling Hospitals from Actis
Parkway Holdings, the Singapore-based hospital operator owned by Khazanah Nasional, is the favored bidder for Actis’ Sterling Hospitals. The deal, which could be worth around INR7 billion ($142 million), would allow Parkway to enter India’s $65 billion...
Northern Light VC closes third USD fund at $400m
China-focused early-stage investor Northern Light Venture Capital (NLVC) has closed its third US dollar fund, together with its parallel funds, at $400 million.
CIC commits $1b to Russian sovereign wealth fund
China Investment Corp. (CIC) will invest $1 billion in a joint Russia-China Investment Fund that will operate in partnership with the Russian Direct Investment Fund (RDIF), Moscow’s debut sovereign wealth fund.
Mekong Capital exits hotel decorator AA Corporation
Mekong Capital, a Vietnam-focused private equity fund, has exited its 100% stake in luxury furniture maker and hotel decorator AA Corporation to an undisclosed investment fund. It has achieved a gross return multiple of 2x and a gross IRR of approximately...
Lone Star Korea's former head Paul Yoo files court appeal
Paul Yoo, former head of Lone Star in Korea, has appealed to Korea’s Supreme Court over his conviction for manipulating the stock price of Korea Exchange Bank (KEB) in 2003, Dow Jones reported.
White & Case hires Alex Zhang as head of M&A in China
New York-based law firm White & Case has appointed Alex Zhang, a former partner at Jones Day in Shanghai, as head of its Shanghai office and head of its China corporate M&A practice.
Infinity links with Harbin government to invest in Israeli tech companies
Infinity Group, an Israel-based private equity firm created by China Development Bank and Israeli conglomerate IDB Group, has agreed to invest $10 million in 10 Israeli technology companies alongside the local government of Harbin.