News
IFC among new stakeholders in Cholamandalam Investment and Finance
Cholamandalam Investment and Finance Company has diluted a 15% in itself to investors including IFC, Amansa Investment, Acquarius Investment, Reliance Capital and India Capital Fund as part of its effort to raise INR250 crore ($56.56 million) for business...
Evercore Asia names chairman, COO following Lexicon acquisiton
Evercore Partners has elevated Senior Managing Director Stephen CuUnjient to the position of chairman of Evercore Asia, and has appointed MD of Lexicon Partners Marcus Thompson to the role of COO in Asia. Both will continue to be based in Hong Kong.
KKR to buy convertible bonds in Chinese water treatment firm
KKR has agreed to invest $113.8 million in convertible bonds issued by United Envirotech (UEL), a Chinese water treatment and recycling services provider. The deal could see the US private equity firm take a stake of around 38.4% in the firm.
Avendus to launch fund targeting listed companies
Avendus PE Investment Advisors plans to raise a fund worth up to $200 million to target mid-size listed companies in India, Reuters reported. This would be the third fund launched by the firm, a unit of financial services player Avendus Capital.
SEBI implements new takeover rules
The Securities & Exchange Board of India (SEBI) has mandated that an investor must own at least 25% of a company in order to launch a takeover bid for that asset, up from the current 15% threshold.
Punjab National Bank to take 30% stake in MetLife India
Punjab National Bank (PNB) will take a 30% stake in MetLife India, an insurer that counts M Pallonji Enterprises, Jammu Kashmir Bank, IGE and several private equity firms among its shareholders. M Pallonji is also believed to be part-owned by GS Strategic...
Campbell Lutyens appoints former AIG Investments Asia CEO Cesar Zalamea to board
Global advisory firm Campbell Lutyens has appointed two new members to its advisory board, including Cesar Zalamea, former President and CEO of AIG Investment Asia.
ChrysCapital divests stake in Idea Cellular
Monet, a subsidiary of ChrysCapital, has divested a 2.5% stake in India’s Idea Cellular to an undisclosed buyer for a reported $170 million.
LVMH’s private equity arm makes first investment in India
L Capital Asia, the private equity arm of LVMH Group, has made its first investment in India, picking up a 25.5% stake in Genesis Luxury Fashion for an undisclosed sum. The investment will be executed in two tranches.
Lombard exits stake in Thai auto parts manufacturer
Lombard Investments has exited its stake in Thailand-based auto parts manufacturer Somboon Advance Technology (SAT), earning a 3.5x return on its investment.
Shanghai Electric seeks $1.47b for diversification
Shanghai Electric is reportedly looking to raise RMB9.5 billion ($1.47 billion) through a private share placement that will help the company diversify is business into other areas of the energy sector. As part of the raise, China Power Investment Group...
UBS to launch private equity funds in China
UBS has set up an asset management unit in Beijing that will target private equity, Reuters reported. The unit, known as UBS Global Asset Management (China), will launch private equity funds, make direct investments and provide management and advisory...
Franklin Templeton to invest in Mumbai’s Kimaya Fashions
Franklin Templeton will buy a 20% stake Mumbai-based retailer Kimaya Fashions for about INR600 million ($13.5 million), The Economic Times reported, citing people familiar with the situation. The company has confirmed the investment but not the size of...
Mandolin raises its stake in beleaguered Sino-Forest to 15%
Singapore-based Mandolin Fund has increased its stake in scandal-hit Chinese forestry company Sino-Forest to nearly 15%. The fund’s announcement on Wednesday that it had bought a further 5.3 million shares on July 26 saw the Toronto-listed stock close...
GE Capital, Mitsui to target US commercial finance assets
GE Capital and Tokyo-based Mitsui will create an investment management program through which they will co-invest in US commercial finance assets. They also plan to explore global opportunities in areas such as financing for original equipment manufacturers...
Cargotec set to buy Carlyle’s stake in China Crane
Finland’s Cargotec will acquire The Carlyle Group’s 49% stake in China Crane Investment Holdings in connection with a joint venture it has agreed with Jiangsu Rainbow Heavy Industries (RHI).
SMBC VC to launch fund targeting small Japanese firms
SMBC Venture Capital, a member of Sumitomo Mitsui Financial Group (SMFG), will launch a JPY14 billion ($178.3 million) fund aimed at helping small, owner-run firms make shareholder and structural changes, Nikkei reported.
SCPE names India MD Nainesh Jaisingh as co-global CEO
Standard Chartered Private Equity (SCPE) has named Nainesh Jaisingh, managing director in India, as co-global CEO. He is specifically charged with bolstering the outfit’s presence in emerging markets and West Asia.
KKR-owned Japanese hiring firm purchases Hong Kong-based Staff Management
KKR-owned Japanese staff hiring and outsourcing firm Intelligence has acquired Hong Kong-based Staff Management Consultancy and its subsidiary, Anchor HRM Consulting, for an undisclosed amount. Staff Management will be rebranded as Intelligence as part...
CVC considering SHK Finanicial sale
CVC Capital Partners-backed Sun Hung Kai & Co. is considering the sale of its brokerage and wealth management subsidiary SHK Financial, Bloomberg reported, citing sources who say the company has held informal discussions with potential buyers.
Carlyle in third China Pacific sell-down since December
The Carlyle Group is selling nearly one-third of its stake in China Pacific Insurance for up to $1 billion, according to a term sheet seen by Dow Jones Newswires. The transaction would be the latest in a series of sell-downs that have put the private...
Catamaran, Nexus commit $9m to Bigshoebazaar’s Series B round
Catamaran Ventures and Nexus Venture Partners have participated in a Series B round of financing worth INR400 million ($9 million) for Bigshoebazaar India.
Apax in takeover of Chinese buffet chain
Apax Partners has acquired Shanghai-based buffet-style restaurant chain Golden Jaguar for an undisclosed amount. The private equity firm is looking to take the family-owned business and expand its reach to cities across China.
J.C Flowers considers joint bid with TStone for Woori
J.C. Flowers is in talks with TStone, the South Korean private equity firm, to join the bid for a 57% stake in Woori Financial Holdings that is being divested by the Korean government, Reuters reported.