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Gaorong Capital Raises US$450 Million for Fourth Fund (Asia)
China-focused venture capital fund manager Gaorong Capital, formerly known as Banyan Capital, has reached a final close for Gaorong Partners Fund IV with capital commitments totaling US$450 million. Investors in the fund include sovereign wealth funds, endowments, family foundations, pension funds, funds of funds and high-net worth individuals. Gaorong focuses on early-stage and growth investments in technology, media, telecommunications, retail… Read More
General Atlantic Invests in Property Finder and QuintoAndar (Latin America, Middle East)
U.A.E.-based real estate classifieds portal Property Finder has raised US$120 million in an investment round led by global growth equity fund manager General Atlantic. Existing shareholder Vostok New Ventures also participated in the round. Property Finder provides real estate listing services across the Middle East, North Africa and Turkey and plans to use the funds to improve its products and… Read More
ADM Capital Secures US$178 Million for Asia Secured Lending Facility II (Asia)
Asia-focused private credit investment fund manager ADM Capital has reached a final close for Asia Secured Lending Facility II with US$178 million in capital commitments. Investors in the facility include development finance institutions IFC and OPIC, which committed US$50 million, as well as Calvert Impact Capital, which committed US$10 million. The facility—also referred to as the Somei Lending Platform—will make… Read More
Actis to Acquire Solar Power Projects in India from Essel Infraprojects (Asia)
Global growth markets investor Actis has reportedly agreed to acquire a portfolio of solar power projects in India from Essel Infraprojects, the infrastructure arm of India-based conglomerate Essel Group, for up to INR60 billion (approximately US$847 million). The portfolio comprises 685 megawatts of installed capacity and projects under construction. Read More
Baltoro Capital Acquires Stake in NBP Fund Management (Asia)
Pakistan-focused private equity fund manager Baltoro Capital has reportedly acquired a stake in Pakistan-based asset manager NBP Fund Management (NBP Funds) through Baltoro Growth Fund. In addition to managing 26 mutual and pension funds and total assets of PKR116 billion (approximately US$866 million), NBP Funds engages in initiatives promoting financial literacy, long-term wealth creation and financial independence in Pakistan. Financial… Read More
Amethis and WAEMGF Exit Petro Ivoire via Vantage-financed MBO (Africa)
Amethis Finance and the West Africa Emerging Markets Growth Fund (WAEMGF) have exited their stakes in Côte d’Ivoire-based downstream oil and gas company Petro Ivoire via a leveraged management buyout (MBO). Africa-focused private credit fund manager Vantage Capital provided EUR19 million (approximately US$21 million) of mezzanine funding to support the MBO. Amethis originally invested in Petro Ivoire in 2013, and… Read More
Warburg Pincus Sells Partial Stake in ICICI Lombard General Insurance for US$164 Million (Asia)
Global private equity fund manager Warburg Pincus has partially exited its stake in India-listed ICICI Lombard General Insurance Company for INR11.4 billion (approximately US$164 million), selling 14.3 million shares via bulk deals for INR800 (approximately US$11) per share. Warburg originally acquired a 9 percent stake in the company for US$284 million in 2017 and still holds a 5.9 percent stake. Read More
UFG Private Equity Acquires Stake in Russian Towers from Macquarie (CEE and CIS)
UFG Private Equity, the buyout and growth equity arm of Russia-focused alternative investment group UFG Asset Management, has acquired a large minority stake in Russia-based telecom infrastructure developer Russian Towers through its third fund. UFG acquired the stake from Macquarie Infrastructure and Real Assets (MIRA), which originally invested in Russian Towers in 2012. UFG also retains the stakes in the… Read More
Bain Capital Raises US$624 Million in Intermédica Follow-on Offering (Latin America)
Global private equity firm Bain Capital has partially exited its stake in Brazil-listed health care services provider Grupo Notre Dame Intermédica (GNDI), generating gross proceeds of BRL2.4 billion (approximately US$624 million). Bain sold 92.4 million shares for BRL26 (approximately US$7) per share as part of a follow-on offering that also included 12 million new shares issued by GNDI. Bain originally… Read More
AfricInvest Closes Maghreb Private Equity IV with US$221 Million in Commitments (Africa)
Pan-African private equity fund manager AfricInvest has reached a final close for Maghreb Private Equity IV with EUR194 million (approximately US$221 million) in capital commitments. The African Development Bank committed EUR20 million (approximately US$23 million) in this latest close. Other investors in the fund include development finance institutions CDC, EBRD, FMO, DEG, EIB, IFC, BIO, IFU, SIFEM, Proparco and OeEB,… Read More
Riverstone, EnCap and BlackRock to Exit Sierra Oil & Gas (Latin America)
Germany-based oil and gas producer DEA Group has agreed to acquire Mexico-based Sierra Oil & Gas for a reported total of US$500 million. Sierra is backed by alternative investment fund managers Riverstone Holdings, EnCap Investments and BlackRock, which together originally invested in the company in 2014. Sierra holds interests in 9,400 square kilometers of exploration acreage in the Sureste basin… Read More
Warburg Pincus Leads US$74 Million Series E Round for Fusion Microfinance (Asia)
Global private equity fund manager Warburg Pincus has led a Series E financing round of INR5.2 billion (approximately US$74 million) for India-based microlender Fusion Microfinance. Previous backer Creation Investments Capital Management also participated in the round, which included both a primary infusion and a secondary sale by early-stage investors. Impact investor Incofin Investment Management and development finance institutions Norwegian Microfinance… Read More