GPCA covers the latest fund, investment and industry news across our markets in two newsletters: NewsWatch is a weekly round-up of key transactions across asset classes; the Global Tech Brief is a bi-weekly review of tech transactions and innovations with cross-border applications. Subscribe in the left-hand sidebar.
Access past editions of NewsWatch here.
Ant Financial Raises US$10 Billion at US$150 Billion Valuation (Asia)
China-based online payment platform operator Ant Financial Services, a subsidiary of Alibaba, has reportedly raised US$10 billion from a consortium of global and local investors in a funding round valuing the company at US$150 billion. Sovereign wealth funds GIC, Temasek Holdings and Khazanah Nasional, as well as global private equity and venture capital fund managers Warburg Pincus, The Carlyle Group… Read More
Toffee Insurance Raises US$1.5 Million Seed Round from Accion Venture Lab, Kalaari and Omidyar Network (Asia)
India-based digital-only insurance platform Toffee Insurance has raised US$1.5 million in a seed financing round led by Accion Venture Lab, the seed-stage investment vehicle of financial inclusion-focused investor Accion, India-focused venture capital firm Kalaari Capital and philanthropic investment firm Omidyar Network. Toffee provides insurance offerings to millennials; its initial lineup of products spans health, lifestyle and personal accidents. Toffee plans… Read More
Kalaari Capital and IDG Ventures Exit Zivame to Zodius Capital (Asia)
India-focused technology investment firm Zodius Capital has reportedly increased its stake in India-based lingerie retailer Zivame to 45 percent by acquiring shares from India-focused venture capital firms Kalaari Capital and IDG Ventures India. Kalaari and IDG originally invested in Zivame in 2012. Financial details of the transaction were not disclosed. Read More
Blackstone to Exit Gateway Rail Freight for US$118 Million (Asia)
The Blackstone Group has agreed to exit India-based Gateway Rail Freight to its parent company Gateway Distriparks for INR8.1 billion (approximately US$118 million), bringing Gateway Distriparks’ stake in the company to 99.8 percent. Blackstone originally invested INR3 billion (approximately US$65 million) in Gateway Rail Freight in November 2009. The deal, which is expected to be completed within 90 days, is… Read More
Primavera Capital Reaches US$1.5 Billion First Close for Third Fund (Asia)
China-focused private investment firm Primavera Capital Group has reached a first close for its third fund with US$1.5 billion in capital commitments. Primavera, which typically makes growth capital, buyout and special situations investments, is reportedly targeting US$2.8 billion in total commitments for the fund. Read More
Legend Capital Reaches US$157 Million First Close for Second RMB Health Care Fund (Asia)
Legend Capital Management, an independent venture capital unit of China-based conglomerate Legend Holdings, has reached a first close for its second renminbi-denominated health care fund with CNY1 billion (approximately US$157 million) in capital commitments. The main areas of focus for the fund include drug development, medical devices, diagnostic technologies, health care services, information technology and big data. The fund is… Read More
Old Mutual Private Equity to Acquire 50 Percent Stake in Medhold Group (Sub-Saharan Africa)
Old Mutual Private Equity (OMPE), a division of South Africa-focused asset manager Old Mutual Alternative Investments, has agreed to acquire a 50 percent stake in South Africa-based Medhold Group, an end-to-end supplier of medical devices. With OMPE’s support, Medhold plans to expand locally and in the rest of Africa, as well as enhance its Broad Based Black Economic Empowerment (BBBEE)… Read More
CITIC Capital and Hillhouse Capital Lead US$70 Million Series A and A+ Rounds for Chengxin Credit (Asia)
China-focused private equity fund managers CITIC Capital and Hillhouse Capital have led Series A and A+ rounds totaling CNY450 million (approximately US$70 million) for credit information provider China Chengxin Credit. Investment firms Boyu Capital, Three Gorges Capital Holdings, Cherubic Ventures, Danhua Capital, Wanshi Capital and Harmony Riverside Investment Management also participated in the round. With the new funding, China Chengxin… Read More
Pivotal bioVenture Partners China USD Fund I Reaches US$150 Million Final Close (Asia)
Pivotal bioVenture Partners China, a division of China-based conglomerate Nan Fung Group, has reached a final close for its debut fund with US$150 million in capital commitments. The fund will invest broadly in the pharmaceutical, device and health service sectors, with a focus on incubating new life sciences companies in China by in-licensing products and technologies. Read More
responsAbility Exits MiBanco (Latin America)
Impact investment fund manager responsAbility Investments has fully exited its indirect equity investment in Peru-based microfinance bank MiBanco to majority shareholder Credicorp. Three responsAbility-managed investment vehicles owned an entity formed to invest in microfinance institutions; in turn, this entity owned a minority stake in MiBanco. Financial details of the transaction were not disclosed. Read More
AlphaX Reaches US$313 Million Final Close for Maiden Dual Currency Fund (Asia)
China-focused venture capital firm AlphaX Partners has reached a final close for its maiden fund, a U.S. dollar- and renminbi-denominated dual-currency vehicle, with CNY2 billion (approximately US$313 million) in total commitments. Investors in the fund include institutions from Europe and the United States; China-based strategic investors Focus Media and Qihoo 360 Technology; China-based investment firms CreditEase and Zero2IPO Group; and… Read More
EXEO Capital Invests US$4.6 Million in Capital Fisheries (Sub-Saharan Africa)
Pan-African food and agriculture-focused private equity fund manager EXEO Capital has invested US$4.6 million in Zambia-based food distributor Capital Fisheries through Agri-Vie Fund II. Capital Fisheries, which specializes in the cold-chain distribution of animal proteins, mainly sells tilapia (or bream) and horse mackerel. Over the next two years, the company plans to increase the number of wholesale depots it operates… Read More