The Australian Taxation Office is reportedly pursuing TPG to recover tax and related penalty charges amounting to A$678 million (US$633.7 million). This relates to the private equity firm's sale of its holding in Myer Holdings Ltd., in which TPG was a controlling shareholder. TPG was estimated to have returned A$1.6 billion to its coffers. (Australia)

Advantage Partners LLP-controlled REX Holdings, Inc. will sell its debt ridden convenience store arm, am/pm, to FamilyMart Co., Ltd. The acquirer will purchase all shares of am/pm for an aggregate ¥1 (US$0.01) and assume ¥12 billion of loans at book value. (Japan)

The impending initial public offering ('IPO') of China Minsheng Banking Corp. ('Minsheng') is garnering overwhelming interest from various institutions. According to reports, Government of Singapore Investment Corp., TPG and Hopu Investment Management Co. were among the long list of investors interested to take a stake in the bank. Minsheng is set to be the biggest IPO on the Hong Kong bourse for 2009. (People's Republic of China)

International Finance Corporation is planning to provide a US$10 million quasi-equity investment to Azure Power India Private Ltd. ('Azure Power') which is a solar power plant operator. Azure Power received capital injections from Foundation Capital and Helion Venture Partners last year. (India)

China Investment Corporation ('CIC') has agreed to invest HK$5.6 billion (US$713.3 million) in the Hong Kong-listed GCL-Poly Energy Holdings Ltd. ('GCL-Poly'). In addition, CIC and GCL-Poly intend to establish a joint venture that will have an initial capital pool of US$500 million.
       GCL-Poly is one of the leading polysilicon and wafer suppliers in the world and currently counts New Horizon Capital, CDH Investments and Milestone Capital Management as its shareholders. (People's Republic of China)

International Finance Corporation could invest as much as Rmb51 million (US$7.5 million) for a stake in a subsidiary company formed by China Foundation for Poverty Alleviation ('CFPA'). CFPA is the first non-profit Non-Government Organisation in China that specialises in microfinance. In 1996, under the World Bank poverty alleviation project, CFPA started its microfinance activities. (People's Republic of China)

The Western Australia-based Yuuwa Capital has completed the fund raising exercise of its maiden fund and achieved a final closing of A$40 million (US$33.7 million). The fund is partially sponsored by the government’s Innovation Investment Fund. It will focus on life sciences, information technology, media and communications companies in Western Australia. (Australia)

Highland Capital Partners has raised US$400 million for its latest fund. The fund will target on early through growth stage investments in the healthcare, internet and digital media, and technology companies. The US-based venture capital firm had earlier invested in 139shop.com and Beijing NetentSec, Inc. that are both based in China. (Global)

The US-based Norwest Venture Partners announced the final closing of Norwest Venture Partners XI, LP., a global fund that has secured US$1.2 billion in commitments from institutional investors. The fund will seek opportunities in both China and India as part of its investment focus. (Global)

Shanghai Chengtou Holding Co., Ltd., a water supplier, announced having earmarked Rmb200 million (US$29.3 million) to sponsor the launch of Shanghai Chengding Venture Investment Co., Ltd. The latter will seek investment opportunities in growth enterprises. (People's Republic of China)

The Hong Kong–based Spring Capital announced the first closing of its maiden fund, at US$151 million. Significantly, the private equity firm has entered into an agreement with a fund of funds managed by Suzhou Ventures Group to set up a renminbi contractual joint venture fund. Spring Capital was established in 2007. Its partners have an aggregate 18 years of investment experience. (People's Republic of China)

Archer Capital is reportedly bidding for the 705 profitable centres of the insolvent ABC Learning Centres Ltd. ('ABC'). The final bid for ABC's assets is due on 23rd November. ABC collapsed in 2008 and is being described as the longest bankruptcy in the history of Australia’s failures. (Australia)

Axis Holdings Pvt. Ltd. has invested 414 million rupees (US$8.9 million) in Precision Automation and Robotics India Ltd., which provides solutions in factory automation systems. It has over 500 employees. (India)

FIL Capital Advisors (India) Pvt. Ltd. has teamed up with DFJ ePlanet Ventures and IDG Ventures India and provided US$15 million to Manthan Systems, which provides business intelligence and analytical solutions for the retail and consumer packaged goods industries. (India)

Bain Capital Partners LLC has entered an agreement to purchase Citigroup Capital Partners Japan Ltd.'s entire 93.5% stake in Bellsystem24, Inc. for ¥93.5 billion (US$1 billion). The transaction is subject to regulatory review and customary conditions, and is expected to be settled on 30th December 2009. (Japan)

SBI Holdings, Inc. ('SBI') has completed its tender offer for shares that it does not already own in Narumiya International Co., Ltd. for a total of ¥1.4 billion (US$15.3 million), bringing its stake in the child apparel company to 90%. SBI first invested in Narumiya in 2007. (Japan)

Intel Capital is to deploy an additional ¥730 million (US$8.2 million) in Onkyo Corporation ('Onkyo'), an audio visual equipment manufacturer that is listed on Jasdaq. Intel Capital first invested in Onkyo in 2005.
       Intel Capital also announced an aggregate US$25 million in commitments to seven companies, including the Hong Kong-listed Phoenix New Media as well as Taiwan's Gudeng Precision Industrial Co. (Japan/Greater China)

Kunwu Jiuding Capital Co., Ltd. ('Jiuding Capital') has agreed to invest Rmb50 million (US$7.34 million) in Juntong Communication, an agency that provides communication network maintenance services.
       The investment came on the heels of Jiuding Capital having recently invested in Fuzhou Baiyang Haiwei Seafood Co., Ltd., one of the major seafood processors in China. (People's Republic of China)

New Horizon Capital has reportedly teamed up with a group of investors, including Beijing Keqiao Investments Co., Ltd., and invested an aggregate Rmb240 million (US$35.24 million) in Shanghai Jinsihou Group Co., Ltd. ('Jinsihou') for a 20% equity stake. Jinsihou is a well-known candy maker in mainland China. (People's Republic of China)

DT Capital Partners has reportedly invested Rmb91.9 million (US$13.5 million) in Wuhan Huali Environment Protection Science Technology Co., Ltd., which focuses on the research, development and production of biodegradable plastic products. (People's Republic of China)

Matrix Partners China and WI Harper Group have invested US$10 million in New Dynamic Institute to assist the invested company’s development and expansion.
       New Dynamic Institute provides English education services in China. It is the first educational institute in Matrix Partners China's investment portfolio. (People's Republic of China)

The Carlyle Group ('Carlyle') announced having earmarked more than US$60 million for three high growth Chinese companies covering the heavy industry, agriculture and consumer sectors. They are Nantong Rainbow Heavy Industry Co., Ltd., China Agritech Co., Ltd. and iTour Co., Ltd. No further transaction details were disclosed.
       Carlyle points out that these three deals testify to its commitment to seek Chinese companies with growth potential for its investors. (People's Republic of China)

Two foreign private equity assets, Buy The Way Inc. ('Buy The Way') backed by Unitas Capital, and The FaceShop Korea ('FaceShop') controlled by Affinity Equity Partners, have reportedly garnered interest from trade buyers.
       According to various reports, South Korea's Lotte Group was among the party of investors that has expressed interest in Buy The Way. At the same time, LG Household & Health Care Ltd. is said to be interested to take up a stake in FaceShop. (South Korea)

Duc Thanh Wood Processing JSC ('Duc Thanh'), which has enlisted BankInvest as its private equity investor, made its debut on the Ho Ch Minh Stock Exchange. On its first day of trading, its share price went up 20%. BankInvest is known to have invested in Duc Thanh in 2007. The private equity firm did not dispose of its holdings in Duc Thanh at its initial public offering. (Vietnam)

SAIF Partners has reportedly pared down its holding in Digital China Holdings Ltd. ('Digital China'), an information technology services provider.
       In 2007, SAIF Partners, along with Hony Capital, IDG Capital Partners, and Digital China's chief executive invested an approximate US$168.8 million in Digital China. (People's Republic of China)

Mr Wu Yibing, Executive Vice-President of Legend Holdings Ltd., has resigned to join CITIC Private Equity Funds Management Co., Ltd., concluding a four-year tenure with Legend Holdings. (People's Republic of China)

Chepstow Capital Advisors Ltd. has announced the latest appointment of its management team. Mr Alvin Ho, formerly Managing Director and co-product head at CLSA Capital Partners, has joined the Hong Kong-based fund management firm. (Hong Kong)