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… Read More
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… Read More
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… Read More
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… Read More
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… Read More
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… Read More
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
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… Read More
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… Read More
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… Read More
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