The Blackstone Group has become the first global private equity firm to announce that it has launched a Chinese yuan-denominated fund (hereinafter referred to as Rmb or renminbi). The Blackstone Zhonghua Development Investment Fund has a target size of approximately Rmb5 billion (US$735 million). It will principally focus on investments in Shanghai and neighbouring areas. According to an official statement from the Government of Pudong New Area district of Shanghai, the fund represents the first important memorandum of understanding in the financial services sector between the government and a global private equity fund. (People’s Republic of China)

Citigroup Inc. ('Citigroup') is reportedly seeking to dispose of Bellsystem24, Inc., one of the assets acquired by the former principal investment arm of Nikko Cordial Corp. which came under the control of Citigroup in 2007. The transaction is estimated to be valued at US$1.5 billion, according to Reuters. (Japan)

The Carlyle Group and the US-based Solus Alternative Asset Management LP have won the bid for the assets of Metaldyne Corporation ('Metaldyne'). The US-based Metaldyne is a wholly-owned subsidiary of the Japan-based Asahi Tech Corp. which is in turn controlled by RHJ International.
      Metaldyne is a global designer and supplier of metal based components. (Offshore)

The International Finance Corp. is considering an investment of up to US$8 million in Beijing Shuoren Hitech Energy Technology Co., Ltd ('Shuoren'), in partnership with Softbank China Venture Capital.
       Established in 2003, Shuoren designs and implements blast furnace dehumidification technology for major steel manufacturers in China. (People's Republic of China)

LGT Capital Partners ('LGT') has raised US$268 million for the first closing of its latest global secondary fund, Crown Global Secondaries II plc. Earlier in the year, LGT closed its first Asia focused fund of funds. (Global)

Unison Capital, Inc. has closed its latest buyout fund, Unison Capital Partners III, L.P. (Fund III) at ¥140 billion (US$1.43 billion). Fund III will look at buyout opportunities in Japan. (Japan)

The People's Government of Shaanxi Province has sponsored the launch of an investment fund to help develop the province's tourism industry. The Shaanxi Tiandi Tourism Venture Investment Enterprise has received capital commitments from both the foreign and local investors. (People’s Republic of China)

Yunnan HongFu Through Venture Capital Co., Ltd. will commence raising capital for its debut fund in September. To be named HongFu Equity Fund, it has a target fund size of Rmb200 million (US$29.3 million) and will invest in the cemetery industry. (Taiwan)

The US-based Vivo Ventures has agreed to invest in Lee's Pharmaceutical Holdings Limited, a biopharmaceutical company that is listed on the Growth Enterprise Market of the Stock Exchange of Hong Kong. (Hong Kong)

Tsing Capital has invested US$25 million in Nobao Renewable Energy Holdings Limited which is a leading developer of ground-source heat pump technology. (People's Republic of China)

Sequoia Capital China has agreed to invest US$63 million in American Dairy, Inc. ('American Dairy'). American Dairy conducts operation in China through its wholly owned subsidiary, Heilongjiang Feihe Dairy Co., Limited, which was founded in 1962. (People’s Republic of China)

Jiangsu Top-Bridge Capital Co. Ltd. has led a Rmb20 million (US$2.94 million) investment in Jiangsu Jianding Bio-technology Co. Ltd., a life-sciences company.
       Top-Bridge is a venture capital firm established in Jiangsu province in 2008. (People's Republic of China)

The Beijing-based Wumart Stores, Inc. ('Wumart') has raised HK$1.65 billion (US$211 million) from a group of investors including TPG, Hony Capital and Legend Holdings.
       Wumart first raised private equity capital from investors in 2003. (People's Republic of China)

NewMargin Ventures has subscribed to Rmb100 million (US$14.66 million) to the Nanjing Intelligent Induced Transportation Project which provides guidance systems to indicate road conditions and directions, as well as manage parking lots. (People’s Republic of China)

Sequoia Capital China, an existing investor of Hunan Greatdreams Cartoon Media Limited Co. has made its third round of financing to the animation company. The private equity firm is believed to have committed an aggregate Rmb100 million (US$14.7 million) to the company. (People’s Republic of China)

A consortium of investors led by Navis Capital Partners ('consortium') has made a cash offer of A$0.60 (US$0.50) per share for a 23% stake in Peoplebank Australia Ltd ('Peoplebank'), Australia's largest information technology recruitment company.
       In 2008, Navis Capital Partners first invested in Peoplebank. (Australia)

Sequoia Capital India has reportedly committed 400 million rupees (US$8.3 million) in taking a 6% stake in eClerx Services Ltd. ('eClerx') from an existing investor. The private equity firm did not confirm this investment. (India)

Warburg Pincus has increased its holdings in media group Dainik Bhaskar Corp. Ltd. ('DB Corp.') through a 1.5 billion rupees (US$33.8 million) commitment to Synergy Media Entertainment Limited, the radio broadcasting subsidiary of DB Corp, according to local reports. A spokesman for DB Corp. was unable to verify the transaction. (India)

Warburg Pincus LLC has pared down its holding in Greentown China Holdings Ltd. ('Greentown') and returned over US$22 million to its coffers. In mid 2006, at its initial public offering, Greentown raised over US$173 million from a host of investors, including Warburg Pincus. (People’s Republic of China )

Archer Capital Partners, which held a stake in Emeco Holdings Ltd. ('Emeco') as of last year, could exit from the company. Emeco said it has received an "unsolicited, indicative non-binding proposal" from a financial investment firm prepared to assume control of the company. (Australia)

Pokka Corp., in which CITIC Provident Capital Management Limited and Advantage Partners LLP are existing investors, will enlist Sapporo Holdings Ltd ('Sapporo') as a 21.65% shareholder. The two private equity firms have sold a portion of their holdings to Sapporo. (Japan )

Mekong Capital ('Mekong Capital') had sold its stake in Duc Thanh Wood Processing Joint Stock Co. ('Duc Thanh'), a Vietnamese wooden kitchenware producer, to a local strategic investor for an undisclosed amount.
       Since 2005, Du Thanh has raised private equity capital, first from Mekong Capital and later from BankInvest. (Vietnam )

Mr Iyad Duwaji, the Chief Executive of the Dubai-based investment bank SHUAA Capital has resigned, concluding a 20-year tenure with the organisation. (Middle East )

Actis Capital LLP has announced the appointment of Mr Jiansheng Wang as a Partner in the firm's Beijing office. Mr Wang was previously the Managing Director of Cerberus Capital Management LP's China operation. (People’s Republic of China )