YES BANK Ltd. plans to set up its own private equity subsidiary YES Ventures, according to domestic reports. The bank is currently raising the South Asia Clean Energy Fund, L.P., which is said to have received commitments from Asian Development Bank and International Finance Corporation. (India)

Advantage Partners, LLP could join other investors to invest in Willcom, Inc. ('Willcom'), according to Nikkei. Willcom, a personal handyphone system service provider, was controlled by The Carlyle Group and had been weighted down by a mountainous debt. (Japan)

China International Capital Corporation Ltd. ('CICC') has reportedly withdrawn from Shanghai Financial Industry Development & Investment Fund, according to domestic reports. The Rmb20 billion (US$2.9 billion) fund is the brainchild of CICC and Shanghai International Group. (People's Republic of China)

SouthGobi Energy Resources Ltd., backed by China Investment Corporation, is scheduled to make its Asian public debut on The Stock Exchange of Hong Kong at the end of January. It is currently listed in Canada. (Hong Kong)

A consortium of venture capitalists, including Beijing Jinruifu Venture Capital Co., Ltd. and Hangzhou Jinyuan Investment Co., Ltd., has launched Yueshang Venture Capital Fund that will focus on new energy and biotechnology. (People's Republic of China)

The China Microfinance Development Investment Fund, backed by China Development Bank, International Finance Corporation and BlueOrchard Finance, was launched recently. The fund has a target size of Rmb1 billion (US$146.5 million). (People's Republic of China)

The Carlyle Group will soon be raising its first renminbi fund following the global firm's recent agreement with Beijing Municipal Bureau of Financial Work. The Carlyle Asia Partners Rmb Fund will target high growth companies in China. (People's Republic of China)

National Pension Service will inject up to 265 billion won (US$236.4 million) in the private equity fund formed to buy Kumho Life Insurance Co. ('Kumho Life'). According to earlier reports, the referred private equity fund is currently being set up by Korea Development Bank which intends to take a majority stake in Kumho Life. (South Korea)

Pacific Equity Partners has successfully garnered over a 50% interest in its bid for Energy Developments Ltd., which commands an equity value of approximately A$431 million (US$390 million). (Australia)

TA Associates has invested US$45 million for a minority stake in Micromax Informatics Ltd., a New Delhi-based mobile handset provider. (India)

Zephyr Management, L.P. has participated in the investment in Metro Telworks which is a leading provider of network design and optimization services to telecom operators in India. The transaction sum was not disclosed. (India)

Firstsource Solutions Ltd., a business process outsourcing company, could enlist a group of global firms, including Apax Partners, Kohlberg Kravis Roberts & Co., The Blackstone Group and The Carlyle Group as its investors, according to domestic reports. (India)

Standard Chartered Private Equity Ltd. and Providence Equity Partners may jointly invest an aggregate US$200 million in Multi Screen Media Pvt. Ltd., according to domestic reports. The target company is a subsidiary of Sony Pictures Television International. (India)

Motilal Oswal Private Equity Advisors Ltd. has subscribed to Minda Industries Ltd.'s ('Minda') convertible shares that are estimated to be around 401 million rupees (US$8.8 million). Minda is an auto parts manufacturer. (India)

New Silk Route Advisors Pvt. Ltd. has invested approximately 1 billion rupees (US$22 million) in Nectar Lifesciences Ltd. which is an integrated pharmaceutical organisation. (India)

TPG joined other titans in the air industry and offered to invest US$1.4 billion in the cash-strapped Japan Airlines Corporation which is close to filing its bankruptcy. The revised price represented an increase of 27% to the previous offer. (Japan)

Navis Capital Partners has taken a controlling stake in the Alliance Cosmetics Group which is the owner of the "Silky Girl" brand, Malaysia's largest retail mass-market cosmetic brand. No transaction sum was disclosed. (Malaysia)

CDIB Capital Ltd. (‘CDIB Capital’) will invest in Dong Sheng Chemphy Co., Ltd. ('DS Chemphy'), which had earlier successfully raised capital from the Development Principles Group. CDIB Capital will join Development Principles Group in taking a board seat in DS Chemphy. (People's Republic of China)

IDG Capital Partners has teamed up with CXC Capital, Inc. to invest in Wuhan HC SemiTek Co., Ltd., which specialises in manufacturing and sales of LED chips in China. (People's Republic of China)

Qihoo360 ('Qihoo') is believed to have completed its third round of financing through an undisclosed commitment from Trust Bridge Partners. Qihoo is a search solution provider on internet platforms and had earlier raised capital from Sequoia Capital China and CDH Investments. (People's Republic of China)

Melbourne-based Lion Manager Pty. Ltd. has joined hands with a domestic investor to pledge an aggregate US$6 million to Rizhao Yuqing Tea Co., Ltd. The latter is engaged in the production and manufacturing of tea products in Shandong. (People's Republic of China)

Mr Bei Duoguang, Managing Director of China International Capital Corporation Ltd., has left the firm. (People's Republic of China)

Mr John Shrimpton, a co-founder of the Vietnam fund management firm Dragon Capital, has resigned. (Vietnam)