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Warburg Pincus- and Primavera-backed Cango Raises US$44 Million in IPO (Asia)
China-based online automotive services platform Cango has raised US$44 million in its initial public offering (IPO) on the New York Stock Exchange. Cango, which is backed by private equity fund managers Warburg Pincus and Primavera Capital Group, technology conglomerate Tencent Holdings and ride-hailing company Didi Chuxing, sold 4 million American Depository Shares for US$11.00 per share. Warburg Pincus and Primavera… Read More
Baring Private Equity Asia Reaches US$4.5 Billion First Close for Fund VII (Asia)
Baring Private Equity Asia has reportedly reached a first close for its seventh flagship fund with US$4.5 billion in capital commitments. Investors in the fund include Rhode Island State Treasury Public Pension Fund, which committed US$50 million, Teacher Retirement System of Texas and Canada Pension Plan Investment Board, as well as various sovereign wealth funds and North American pension funds.… Read More
PAPE Reaches US$35 Million First Close for Fund 3 (Sub-Saharan Africa)
South Africa-focused private equity firm PAPE Fund Managers has reached a first close for PAPE Fund 3 with ZAR471 million (approximately US$35 million) in capital commitments. Investors in the fund include the Public Investment Corporation (PIC) of South Africa, Eskom Pension and Provident Fund, FMO and family offices represented by the Rosebank Wealth Group. The fund, which is seeking ZAR1.2… Read More
China Creation Ventures Reaches US$200 Million Final Close for U.S. Dollar Fund (Asia)
China-focused venture capital fund manager China Creation Ventures (CCV) has reached a final close for its debut U.S. dollar-denominated fund with US$200 million in capital commitments. The fund will target early-stage opportunities in the technology, media and telecom (TMT) sectors in China. CCV, which was established in 2016 by former members of the TMT team at global venture capital firm… Read More
Patria Investments Acquires 75 Percent Stake in Vitória Apart Hospital (Latin America)
Brazil-focused private equity fund manager Patria Investments has acquired a 75 percent stake in Brazil-based health care provider Vitória Apart Hospital. The hospital specializes in complex medical procedures, advanced research and medical education initiatives. Financial details of the transaction were not disclosed. Read More
Amethis, Kibo Capital Partners and Proparco Acquire Minority Stake in Merec Industries (Sub-Saharan Africa)
Africa-focused private equity fund managers Amethis and Kibo Capital Partners, along with development finance institution Proparco, have acquired a minority stake in Mozambique-based food products manufacturer Merec Industries. The company, which mills wheat and maize and produces various packaged foods, plans to use the funds to launch new products and brands, structure local partnerships and make strategic acquisitions in Mozambique… Read More
Long Hill Capital Reaches US$265 Million Final Close for Second Fund (Asia)
China-focused venture capital fund manager Long Hill Capital has reached a final close for Long Hill Capital Venture Partners 2 with US$265 million in capital commitments. Investors in the fund include pension funds, endowments, foundations, financial institutions, family offices and funds of funds. The fund will target opportunities in select verticals in the health care and consumer sectors in China. Read More
KKR-led Consortium to Acquire LCY Chemical for US$1.56 Billion (Asia)
A consortium led by global alternative investment manager KKR has agreed to acquire all issued and outstanding shares of Taipei Stock Exchange-listed LCY Chemical for TWD56 (approximately US$1.83) per share and take the company private. The deal values LCY, which produces specialty chemicals for various industries, at TWD47.8 billion (approximately US$1.56 billion). The consortium includes current employees and members of… Read More
Warburg Pincus Leads US$140 Million Series D Round for Wacai (Asia)
Global private equity fund manager Warburg Pincus has led a US$140 million Series D funding round for China-based fintech company Hangzhou Wacai Internet Financial Services. China-focused venture capital fund manager Qiming Venture Partners, which originally invested in the company in 2014, also participated in the round. Wacai offers various mobile applications for personal finance, credit and wealth management. Read More
Bozano Investimentos Invests in Paggcerto (Latin America)
Brazil-focused alternative asset manager Bozano Investimentos has invested in Brazil-based fintech startup Paggcerto through Criatec 2. The company offers payment and invoice factoring solutions to small businesses in Brazil. Financial details of the transaction were not disclosed. Read More
Goldman Sachs Invests in Suning Sports and Zuoyebang (Asia)
Global investment banking and asset management group Goldman Sachs and China-based e-commerce and technology conglomerate Alibaba Group Holding have led a US$600 million Series A funding round for Suning Sports, the sports-focused arm of China-based retailer Suning. Yunfeng Capital, Lion Rock Capital, Evergrande Group, SenseTime, China Construction Bank, Industrial & Commercial Bank of China and Agricultural Bank of China also… Read More
Abu Dhabi Investment Authority and TPG to Invest US$1.2 Billion in UPL (Asia)
Emirati sovereign wealth fund Abu Dhabi Investment Authority (ADIA) and global alternative asset manager TPG have agreed to invest US$1.2 billion for a combined 22 percent stake in India-based agrochemical manufacturer UPL Corporation. The company plans to use the funds to support its acquisition of 100 percent of Arysta LifeScience, a U.S.-based producer of crop protection solutions, for US$4.2 billion.… Read More