The Korea Development Bank signed a memorandum of understanding with Abu Dhabi Investment Company and the Korea Trade Promotion Agency to help increase investment flows between South Korea and the Middle East and North Africa region. (South Korea)

The Government Pension Fund of Thailand has dismissed its secretary-general, Mr.Visit Tantisunthorn, who is under investigation for insider trading by the Public Sector Anti-Corruption Commission. Local press reports suggested at least seven more executives and officials at the GPF could be prosecuted. (Thailand)

The California Public Employees' Retirement System ('CalPERS') may increase its allocations to private equity investment from the 10% to 14%. The proposed increase in allocation to alternative investments will be discussed at CalPERS' board meeting in mid June. CalPERS may also reduce its global equity allocation by 7%. (USA)

The Korea Development Bank ('KDB') announced that its recently launched turnaround fund has made its maiden investment in Sunstar Precision Co., a South Korean machine manufacturer. KDB will buy the company’s existing shares as well as newly-issued shares for 40 billion won (US$32 million) according to Maeil Business Newspaper. (South Korea)

The People's Government of Hangzhou City announced the launch of an industrial fund which will focus on the services industry. The Hangzhou Qianjiang Zheshang Services Investment Fund has a target size of 1 billion yuan (US$146.3 million). The fund will be managed by Zheshang Venture Capital and Hangzhou Investment Holdings Co., Ltd.. (People's Republic of China)

Shanghai Pudong Science And Technology Investment Co., Ltd. has been selected as fund manager for the Anhui Venture Investment Guidance Fund. The new guidance fund has a targeted final closing of 1 billion yuan (US$146.2 million), with half of the capital pool being sponsored by the People's Government of Anhui Province. (People's Republic of China)

A consortium of private equity investors led by Archer Capital Pty Limited, has submitted an incomplete proposal to acquire 100% of Energy Developments Limited, an Australian-based renewable and remote-area energy supplier with international operations. (Australia)

Warburg Pincus has entered into a conditional agreement with Transpacific Industries Group Limited ('Transpacific') in which the private equity firm will subscribe A$496 million (US$392.27 million) for a stake in the waste management company. Transpacific is raising A$800 million through a share placement. (Australia)

Evolvence India Holdings Plc has reportedly made a 250 million rupees (US$5.2 million) investment in Chennai-based pharmaceutical company Anjan Drugs Private Limited ('Anjan Drugs'), according to local reports. The investment was made through Evolvence India Life Sciences Fund. Anjan Drugs specialises in medicines used for the treatment of central nervous system disorders. (India)

Axis Private Equity Limited and IL&FS Financial Services Limited ('IL&FS Financial') have invested an aggregate 900 million rupees (US$ 18.5 million) in Shalivahana Green Energy Limited ('Shalivahana Energy'), a clean energy company.        Earlier in the year, KSK Energy Ventures Limited exited from Shalivahana Energy, according to local press. (India)

TPG is favoured to take an approximate 15% stake in Pantaloon Retail India Limited ('Pantaloon Retail'), the country's largest retailer. It is believed that TPG will invest 9.5 billion rupees (US$198.7 million) in the target company.
       Pantaloon Retail's board recently approved the company's bid to raise no more than 10 billion rupees. (India)

Northstar Pacific Partners, a local joint venture partner of TPG, and Saratoga Capital Group are reportedly bidding for a stake in PT Elnusa Tbk ('Elnusa'), according to local reports. The oil and gas company in is owned by PT Tridaya Esta Tbk. State-owned oil and gas firm PT Pertamina Tbk is also bidding for a 37.15% stake in Elnusa. (Indonesia)

Intel Capital announced its investment of ¥4.15 billion (US$43 million) in UQ Communications Inc., a provider of WiMAX mobile services. Other shareholders in UQ Communications include KDDI Corporation, East Japan Railway Company and The Bank of Tokyo-Mitsubishi UFJ, Ltd. (Japan)

Zheshang Venture Capital has invested 30 million yuan (US$4.4 million) in Zhejiang Huace TV & Film Co., Ltd. ("Huace"). Based in Zhejiang Province, Huace was set up in 1993 and produces Chinese movies and TV programs. (‪People's Republic of China)

Bain Capital ('Bain' ) is said to have agreed to make a strategic investment of up to US$630 million into GOME Electrical Appliances Holding Ltd ('GOME'). The final outcome of this much anticipated investment is expected to be known by the end of the month. Suspended from trading since November last year, GOME is selling 18% of its share capital. (People's Republic of China)

Sirius Growth Partners ('Sirius') participated in the recent $2 million (US$1.37 million) fund raising exercise undertaken by Paradise Group, which currently operates six restaurants in Singapore, including Seafood Paradise and Paradise Inn. (Singapore)

ICICI Venture Funds Management Company Limited has sold Vetnex Animal Health Limited, the animal health business of RFCL Limited, to Pfizer Animal Health for a reported price of US$75 million. The deal is expected to close in August. (India)

China Huiyuan Juice Group Ltd. ('Huiyuan') has confirmed that it has received written notice from Warburg Pincus indicating that it seeks to exercise US$2.3 million in convertible bonds. Earlier, Warburg Pincus has ceased to have interest in the US$65 million in convertible bonds which it subscribed in 2006. (People's Republic of China)

Ping An Insurance (Group) ('Ping An') is in talks with TPG to take over Shenzhen Development Bank ('SDB'). The shares of Ping An and SDB are currently suspended from trading. (People's Republic of China)

FountainVest Partners and Bain Capital have reportedly submitted separate bids to buy Landwind Medical Holdings ('Landwind'), a Shanghai-based diagnostic imaging equipment distributor and manufacturer backed by Citigroup Venture Capital International. (People's Republic of China)

Shanda Interactive Entertainment Ltd. ('Shanda'), has entered into a definitive agreement to commence a tender offer to take over Hurray! Holding Co. Ltd. ('Hurray'). The target company, which is backed by GGV Capital, a Chinese mobile ringtone and other value-added services provider listed on NASDAQ. (People's Republic China)

Prax Capital recently sold its remaining holdings in Tianneng Power International ('Tianneng'), a Zhejiang-based motorbike battery manufacturer.
       In 2004, Prax Capital invested US$4 million in Tianneng. (People's Republic of China)

Mr. Gordon Clancy, Managing Director, Region Head - Greater China & Asia Pacific of Citigroup Venture Capital International Asia Pacific Ltd. has resigned. (Hong Kong)

Intel Capital has named Mr. Chengyuan Xu as new Managing Director for China. (People's Republic of China)