January 12, 2009
NEWS
Baring Finds Its Copycat in China Deal for Daewoo Fails Thrice
INSTITUTIONAL INVESTORS
Thai Pension Fund Selects Swiss Manager as Its Advisor FUNDS
GSR Ventures Closes its 3rd Fund INVESTMENTS
GSR Takes a Stake in Gaming Co. Software Co. Raises US$37.5 Million from Investors
DIVESTMENTS
TPG Pares Down Holdings in NIS Group Perfect Return from Perfect World
PEOPLE ON THE MOVE
TPG Restructures Its Asian Resources 
In 2008, Asian private equity continued to register staunch commitments from investors, although investment and divestment activities showed declines:-
Funds
- US$47.8 billion of fresh capital has come into the market compared to US$40.9 billion in 2007, a 16.8% rise
- Funds for buyout opportunities accounted for US$20.0 billion; while those for non-buyouts, US$27.8 billion
Investments
- US$46.3 billion in transaction total recorded compared to US$46.9 billion in 2007, a 1.2% decline
- Japan regains its title as the market that attracted the largest transaction total, at US$13.2 billion
- China and India recorded US$9.8 billion and US$7.2 billion respectively
Divestments
- US$8.6 billion in realised capital recorded compared to US$20 billion in 2007, a 57.1% decline
- For the first time, no capital realisation at companies' initial public offerings were known to have taken place for both the China and India markets
NEWS
Baring Private Equity Asia ('Baring') announced that an organisation with a Chinese name similar to its own has falsely represented itself as being the private equity firm. The operator of the websites addresses www.balingcn.com and www.balingcn.cn claims to be affiliates of the private equity firm.
This is the first known identity theft incident in Asian private equity. (People's Republic of China)
The sale of Daewoo Electronics Corp. collapsed for the third time due to differences over sales terms, according to media reports. The main creditors of the target company had been in talks with RHJ International since late October after the latter placed a bid that market sources estimated at 400 billion won (US$275 million at the then prevailing exchange rate). (South Korea)
INSTITUTIONAL INVESTORS
Capital Dynamics has been selected by the Government Pension Fund ('GPF') of Thailand as the advisor for its global private equity investment programme. Headquartered in Switzerland, Capital Dynamics is an equity asset manager currently overseeing over US$20 billion of private equity capital. (Thailand)
FUNDS
GSR Ventures has closed its third early-stage technology fund at $383 million. GSR Ventures is the Chinese partner of the Silicon Valley-based Mayfield Fund.(People's Republic of China)
INVESTMENTS
GSR Ventures has made an undisclosed commitment to iLemon Group Inc., a gaming company based in Shanghai. iLemon develops 3D virtual worlds using web browser-based technology. (People's Republic of China)
Orchid Asia ('Orchid') and Shenzhen Fortune Venture Capital ('Fortune') have each taken stakes in iPanel Technologies Limited ('iPanel') for an aggregate US$37.4 million. iPanel provides products and services to digital broadcast television and IPTV markets. (People's Republic of China)
DIVESTMENTS
TPG has decided to reduce its holdings in NIS Group through a sale to a consortium of domestic lenders in Japan for ¥2.39 billion (US$26.36 million).(Japan)
SAIF Partners has sold a portion of its holdings in Perfect World Co. Ltd. ('Perfect World') shares back to the company for US$56.6 million. Perfect World is a leading online game developer and operator in China. (People's Republic of China)
PEOPLE ON THE MOVE
TPG has appointed Mr Stephen Peel to head up its Asian operations. (Hong Kong)
Stay tuned for APER's forthcoming
issue for full coverage of the above!
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