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Yunfeng Fund III Reaches US$2.5 Billion Final Close (Asia)
China-focused private equity fund manager Yunfeng Capital has reached a final close for Yunfeng Fund III with US$2.5 billion in capital commitments. Fifty-one investors committed to the fund, including China-based retailer Suning. The fund will invest in China-based TMT, health care, consumer goods and business services companies. Read More
MBK Partners and TPG to Exit WTT to HKBN for US$1.3 Billion (Asia)
Private equity fund managers MBK Partners and TPG have agreed to exit China-based fixed telecommunication services operator Wharf T&T (WTT) to Hong Kong-listed broadband services provider HKBN for an enterprise value of HKD10.5 billion (approximately US$1.3 billion). MBK and TPG will each receive shares in HKBN worth HKD1.8 billion (approximately US$226 million), representing a 10.34 percent stake, as well as… Read More
BPEA Real Estate Fund II Reaches US$1 Billion Final Close (Asia)
Asia-focused alternative asset manager Baring Private Equity Asia (BPEA) has reached a final close for its second real estate fund with US$1 billion in capital commitments. Investors in the fund include U.S.-based pension funds, such as Texas County & District Retirement System, Employees Retirement System of Texas and State of Maine Public Employees Retirement System, endowments, foundations and insurance companies.… Read More
Investcorp Exits Gulf Cryo (MENA)
MENA-focused alternative investment manager Investcorp has sold its remaining 15.65 percent stake in Kuwait-based Gulf Cryo to other shareholders of the company. Gulf Cryo manufactures and distributes industrial, medical and specialty gases to companies in MENA and Turkey. Investcorp originally invested in Gulf Cryo through Gulf Opportunity Fund 1 in 2009. Read More
Credicorp Capital Raises More Than US$100 Million for Fondo Renta Residencial II (Latin America)
South America-focused asset management firm Credicorp Capital, in partnership with real estate developer Greystar Real Estate Partners, has raised more than US$100 million for its Chile-focused real estate fund, Fondo Renta Residencial II. Investors in the fund include family offices and insurance companies. The fund will invest in five to seven residential projects managed by Greystar in Santiago’s eastern neighborhoods. Read More
IIFL Reaches US$58 Million First Close for IIFL India Private Equity Fund (Asia)
India-focused asset manager IIFL Wealth Management has reached a first close for IIFL India Private Equity Fund with INR4 billion (approximately US$58 million) in capital commitments. The fund, which is reportedly seeking INR15 billion (approximately US$218 million) in total commitments, will invest in consumer, financial services, technology and health care companies in India. Read More
TPG to Acquire Healthscope’s Asia Operations for US$206 Million (Asia)
Global alternative asset manager TPG has agreed to acquire the Asia pathology operations of Australia-based health care provider Healthscope for AUD279 million (approximately US$206 million). TPG will carve out 39 pathology laboratories in Singapore, Malaysia and Vietnam operating under the Gribbles Pathology and Quest Laboratories brands. The transaction is expected to be completed by the end of August 2018. Read More
Gaja Capital Invests US$25 Million in Educational Initiatives (Asia)
India-focused mid-market private equity fund manager Gaja Capital has invested US$25 million for a significant minority stake in Educational Initiatives, an India-based developer of interactive education and student assessment tools. The company, which has worked with more than 3,000 schools and maintains a presence in five countries, plans to use the funds to enter new markets and expand its technology… Read More
CITIC Capital, FountainVest and Carlyle Exit Focus Media to Alibaba Group (Asia)
China-focused private equity fund managers CITIC Capital Partners and FountainVest Partners and global alternative asset manager The Carlyle Group have reportedly exited China-based digital media network operator Focus Media. The consortium, which took the company private in 2013 and re-listed it on the Shenzhen Stock Exchange via a reverse merger in 2015, sold its combined stake to China-based technology and… Read More
Enterprise Investors to Acquire Minority Stake in Anwim (CEE and CIS)
Central and Eastern Europe-focused private equity fund manager Enterprise Investors has agreed to acquire a significant minority stake in Poland-based fuel station operator Anwim. The company, which operates under the MOYA brand, plans to partner with Enterprise to expand domestically. Enterprise will invest through Polish Enterprise Fund VIII. Financial details of the transaction, which is subject to closing conditions and… Read More
Private Capital-backed Pinduoduo Raises US$1.63 Billion in IPO (Asia)
China-based discount e-commerce startup Pinduoduo has raised US$1.63 billion via its initial public offering (IPO) on Nasdaq. The company sold 85.6 million American Depository Shares for US$19.00 per share, valuing the company at US$33 billion. Pinduoduo is backed by China-based technology conglomerate Tencent Holdings and venture capital fund managers Sequoia Capital, IDG Capital, Gaorong Capital and New Horizon Capital. Read More
WeWork China Raises US$500 Million in Series B Round (Asia)
WeWork China, a subsidiary of U.S.-based office rental and co-working company WeWork, has raised US$500 million in a Series B funding round. Investors in the round included China-focused private equity fund managers Trustbridge Partners and Hony Capital, Singaporean sovereign wealth fund Temasek Holdings, global technology conglomerate SoftBank and the SoftBank Vision Fund. WeWork China currently operates in 40 locations across… Read More