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CIIE Reaches First Close for Bharat Innovation Fund (Asia)
The Centre for Innovation, Incubation and Entrepreneurship (CIIE), the incubator program of the Indian Institute of Management (IIM) in Ahmedabad, has reached a first close for Bharat Innovation Fund. Investors in the fund include Small Industries Development Bank of India, financial services firms ICICI Lombard and RBL Bank and corporate investors Philips and Bajaj Electricals. The fund, which is targeting… Read More
Avenue Capital Group Reaches US$450 Million Final Close for Avenue Asia Special Situations Fund V (Asia)
Global alternative investment fund manager Avenue Capital Group has reached a final close for Avenue Asia Special Situations Fund V with US$450 million in capital commitments. The fund will make direct loans to Asia-based companies with limited access to bank financing, as well as acquire non-core assets from multinational companies active in Asia. Read More
Turkven to Acquire Majority Stake in Elif Holding (CEE and CIS)
Turkey-focused private equity fund manager Turkven has agreed to acquire a majority stake in Turkey-based packaging company Elif Holding. The company supplies packaging for the food, beverage, pet, home and personal care industries in more than 50 countries. Financial details of the transaction, which is subject to regulatory approval, were not disclosed. Read More
Lakeshore Capital Acquires Controlling Stake in Devakam Apothecary Hall (Asia)
Thailand-focused private equity fund manager Lakeshore Capital has acquired a controlling stake in Thailand-based pharmaceutical company Devakam Apothecary Hall. The company, which manufactures over-the-counter analgesic creams under the Namman Muay brand, plans to partner with Lakeshore to recruit new management, expand its product lines, modernize the company brand and improve sales channels. Lakeshore invested through Lakeshore Capital I. Financial details… Read More
LeapFrog Investments Acquires Majority Stake in Ascent Meditech (Asia)
Emerging markets specialist private equity fund manager LeapFrog Investments has acquired a majority stake in India-based medical products manufacturer Ascent Meditech. The company, which markets orthopedic, mobility and wound care products primarily under the Flamingo brand, will partner with LeapFrog to expand its product line and geographic presence in Sub-Saharan Africa and Southeast Asia. Financial details of the transaction were… Read More
Cathay Capital Private Equity Reaches US$701 Million First Close for Cathay Midcap II (Multi-region)
Global private equity fund manager Cathay Capital Private Equity has reached an EUR600 million (approximately US$701 million) first close for Cathay Midcap II. Investors in the fund include China Development Bank, Bpifrance and the China-EU Co-investment Fund—a partnership between the European Investment Fund and the Silk Road Fund—as well as sovereign wealth funds, family offices and other institutions. The fund,… Read More
African Capital Alliance Invests in Daraju Industries (Sub-Saharan Africa)
West Africa-focused private equity fund manager African Capital Alliance (ACA) has invested in Nigeria-based Daraju Industries through Capital Alliance Private Equity IV. The company, which produces personal care and household products, plans to use the funds to expand its product lines and boost capital expenditure. Financial details of the transaction were not disclosed. Read More
Qeeka, Inke and 51 Credit Card Complete IPOs on Hong Kong Stock Exchange (Asia)
Three private capital-backed companies have completed their initial public offerings (IPOs) on the Hong Kong Stock Exchange. Orchid Asia Group-sponsored Qeeka Home, a China-based online interior design and construction platform, and China-based video streaming platform Inke—which is backed by GSR Ventures, SAIF Partners and PurpleSky Capital—each raised HKD1.2 billion (approximately US$153 million). 51 Credit Card, a peer-to-peer (P2P) lender targeting… Read More
Creador Reaches US$430 Million First Close for Fourth Fund (Asia)
South and Southeast Asia-focused private equity fund manager Creador has reportedly reached a first close for Creador IV with US$430 million in capital commitments. The fund, which has a target of US$500 million, will invest primarily in Malaysia, India, Indonesia, Vietnam and the Philippines. Read More
SRI Capital Reaches US$40 million First Close for Debut Fund (Asia, North America)
U.S.- and India-focused venture capital fund manager SRI Capital has reportedly reached a first close for SRI Capital Fund I with US$40 million in capital commitments. Investors in the fund include the family office of SRI Capital founder Sashi Reddi, which contributed US$20 million, and U.S.-based individuals. The fund, which is targeting US$100 million in total commitments, will make early-stage… Read More
Luckin Coffee Raises US$200 Million in Series A Round (Asia)
China-based coffee shop operator Luckin Coffee has raised US$200 million in a Series A round led by Centurium Capital. GIC Private, Legend Capital and Joy Capital also participated in the round. The company, which operates 525 stores in 13 cities in China, will use the funds for product research, technology innovation and business development. Read More
Panda Capital Reaches US$105 Million Final Close for Second RMB Fund (Asia)
Panda Capital, a venture capital fund manager focused on technology, media and telecom in China, has reportedly reached a final close for its second renminbi-denominated fund with CNY700 million (approximately US$105 million) in capital commitments. Investors in the fund, which will focus on artificial intelligence, retail, mobility, entertainment, fintech and health care, include Sequoia Capital, IDG Capital, Redbud Capital and… Read More