30 May 2011

NEWS
TA Associates Establishes Asia Pacific Office

Unison-backed MK Capital Acquires Atlas Partners

Deadline for Yageo's MBO Extended

INSTITUTIONAL INVESTORS
CDB Takes Control of New Capital International

Canadian FOFs Commits to India Energy Fund

CDB Reportedly Interested in TPG

SBI Teams up with Invest AD in Turkey PE

ADB Plants Green Seeds in Asia

IFC Invests in Renewable Energy

FUNDS
HonyRmb Fund II Oversubscribed

Wuxi Promotes Clean Energy

Young Entrepreneurs to Promote Marine Economy

NewMargin Launches JV Fund in Xinjiang

IPV VC Fund Said to Have Completed Closing

INVESTMENTS
TDR Capital Acquires Ausco

Local & Foreign Investors Bank on Dhanlaxmi

KKR & IFC to Finance NBFC

IndoUS Tunes Up CarZ

Morgan Stanley to Construct Roads in India

Darby Takes a Stake in Electronic Manufacturing Services

Exclusively.In Receives Series B Funding

Northstar Acquires BFI Stake

Saratoga May Fly with Mandala Airlines

RHB Receives Interest from PEs

Mirae to Run Golf Business

Kunwu Jiuding in Eatery Franchise

Bain Offers to Acquire China Fire & Security

Tripod Capital Takes a Stake in Solar Company

Sequoia Dresses Pregnant Mums

Doll Backs LA MIU

CDH Reportedly in Discount Website

VinaCapital Nourishes Yen Viet

DIVESTMENTS
Clearwater Begins to Check Out from Sayaji Hotels

IDG Exits Media China

Hopu Pares down Stake in Winsway

China Flooring Makes Debut on SEHK

Warburg Pincus Makes Another Timely Exit

PEOPLE ON THE MOVE
Mr Edward F. Sippel

Ms Xiangming Fang, Mr Chen Gang and Mr Harish Gandhi

Mr Steve Sun








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News Flash



NEWS

TA Associates Establishes Asia Pacific Office

TA Associates is to establish an Asia Pacific operation in Hong Kong. It has appointed Mr Edward F. Sippel, formerly a managing principal with Quadrangle Group, as its key man in Asia Pacific.
       Separately, Quadrangle Group has decided to close its Asia Pacific operations, concluding its sojourn in the region that began in 2008. (Pan-Asia)




Unison-backed MK Capital Acquires Atlas Partners

MK Capital Management Corp., a real estate asset management company controlled by Unison Capital, Inc., is seeking to acquire a 90% stake in another real estate management company, Atlas Partners Japan Ltd. (Japan)




Deadline for Yageo's MBO Extended

The management buyout of Yageo Corp. ('Yageo'), backed by Kohlberg Kravis Roberts & Co ('KKR'), has to be extended by another month to the end of June. In April, KKR teamed up with the management of Yageo to help privatise the company, which was valued at around US$1.6 billion. (Taiwan)



INSTITUTIONAL INVESTORS

CDB Takes Control of New Capital International

China Development Bank, through its subsidiary, China Development Capital Corp. Ltd., has taken control of Hong Kong-listed New Capital International Investment Ltd. through a capital injection of HK$768 million (US$118.3 million). (Hong Kong)




Canadian FOFs Commits to India Energy Fund

Canada-based Sarona Asset Management Inc. has allocated US$2 million to South Asia Clean Energy Fund, LP which has a geographical focus on South Asia region. (South Asia)




CDB Reportedly Interested in TPG

China Development Bank is reportedly seeking regulatory approval to become a stakeholder of TPG Capital, according to market reports. (Offshore)




SBI Teams up with Invest AD in Turkey PE

Japan's SBI Holdings, Inc. has joined hands with Abu Dhabi Investment Co. (Invest AD) to launch a US$100 million private equity fund that focuses on Turkey.
       Invest AD is the sovereign wealth fund of the United Arab Emirates. (Offshore)



ADB Plants Green Seeds in Asia

Asian Development Bank announced having allocated an aggregate US$60 million to three clean energy dedicated funds that are managed by Aloe Private Equity, Keytone Ventures and VenturEast Fund Advisors India respectively. (Pan-Asia)




IFC Invests in Renewable Energy

International Finance Corp. plans to inject US$55 million for a stake in a Singapore-based subsidiary of the US-based Sun Edison LLC.The latter is one of the leading solar power services companies in North America. (Pan-Asia/Sub-Saharan)




FUNDS

Hony Rmb Fund II Oversubscribed

Hony Capital has completed the final closing of its second renminbi-denominated fund at over Rmb10 billion (US$1.5 billion), exceeding the original target of Rmb9.8 billion, according to local reports. (People's Republic of China)




Wuxi Promotes Clean Energy

Wuxi Industry Development Group Co., Ltd. has established a clean energy industrial fund that has garnered capital commitments to the tune of Rmb2.2 billion (US$333.5 million). (People's Republic of China)




Young Entrepreneurs to Promote Marine Economy

Qingchuang Investment & Management Co., Ltd., a fund management firm formed by Zhejiang Young Entrepreneurs Association, has launched its maiden private equity fund that has a size of Rmb100 million (US$15.4 million) with a strong focus on boosting the marine economy in the province. (People's Republic of China)




NewMargin Launches JV Fund in Xinjiang

NewMargin Ventures entered into an agreement with Xinjiang Production and Construction Group's Investment Co., Ltd. to launch a Rmb1 billion (US$154 million) fund that targets enterprises in Xinjiang province. (People's Republic of China)




IPV VC Fund Said to Have Completed Closing

IPV Capital has reportedly closed its IPV Capital II, LP at US$125 million. The fund will target early and growth stage companies in the clean technology and healthcare industries. (People's Republic of China)



INVESTMENTS

TDR Capital Acquires Ausco

UK-based TDR Capital is to acquire Ausco Modular Holdings Ltd. ('Ausco') from Waco International Ltd. for reportedly A$600 million (US$630.6 million). Ausco will be merged with modular storage solutions provider Algeco Scotsman, which is controlled by TDR Capital. (Australia)




Local & Foreign Investors Bank on Dhanlaxmi

Multiples Alternative Asset Management and US-based investors Mount Kellet Capital Management LP and Wolfensohn & Company are to invest an aggregate 2.2 billion rupees (US$47.7 million) in India-listed Dhanlaxmi Bank Ltd. (India)




KKR & IFC to Finance NBFC

Kohlberg Kravis Roberts & Co. and International Finance Corp. have committed up to an aggregate 4.4 billion rupees (US$96 million) to Magma Fincorp Ltd., a non-banking financial company, for a total 28% equity stake.
       Magma had previously raised capital from Netherlands Development Finance Co. (FMO). (India)




IndoUS Tunes Up CarZ

IndoUS Venture Partners has provided US$5 million in a Series A funding of CarZ, an automobile repair services company that was established in 2008. (India)




Morgan Stanley to Construct Roads in India

Morgan Stanley Infrastructure is to deploy US$200 million in a joint venture with Spanish construction firm GrupoIsoluxCorsan. The partnership will construct three highways in India. (India)




Darby Takes a Stake in Electronic Manufacturing Services

Darby Asia Investors (India) Pvt. Ltd., through its Franklin Templeton Private Equity Strategy, has invested 675 million rupees in SFO Technologies Pvt. Ltd. which had previously received funding from India Value Fund Advisors. (India)




Exclusively.In Receives Series B Funding

Accel Partners India and Helion Venture Partners have joined Tiger Global Management in making a US$16 million investment to Exclusively.In, a website that sells Indian fashion and home accessories to US customers. (India)




Northstar Acquires BFI Stake

Northstar Equity Partners, in which TPG Capital has an equity interest, is to become a substantial investor of PT BFI Finance Indonesia Tbk ('BFI') for 1.4 trillion rupiahs (US$164 million).
       BFI provides leasing and consumer financing services in Indonesia. (Indonesia)




Saratoga May Fly with Mandala Airlines

Saratoga Capital is in the process of assessing to purchase a controlling interest in PT Mandala Airlines, which ceased operations earlier this year and is undergoing financial restructuring. Tiger Airways Holdings Ltd., a budget airline, may buy a 33% stake in the Indonesian airline. (Indonesia)




RHB Receives Interest from PEs

JC Flowers & Co. LLC, in addition to The Carlyle Group and Sumitomo Mitsui Financial Group, are reportedly among those that are bidding for a 25% stake in RHB Capital, which provides financial services in Malaysia. The stake has a market value of around US$1.6 billion. (Malaysia)




Mirae to Run Golf Business

A group of investors, including Mirae Asset Private Equity, National Pension Service of Korea, Korea Development Bank and Fila Korea Ltd., will acquire US-based golf equipment provider Acushnet Company for US$1.2 billion. (Offshore)



Kunwu Jiuding in Eatery Franchise

A consortium including Kunwu Jiuding Capital Co., Ltd. and Fosun Group has invested Rmb260 million (US$40 million) in Juewei Yabo, a franchise store operator specialising in duck necks. (People's Republic of China)




Bain Offers to Acquire China Fire & Security

Bain Capital LLC has joined the management of China Fire & Security Group Inc. ('China Fire') and offered US$9 per share to take the company private, which is being valued at US$266 million.
       China Fire’s management collectively owns 59.1% in the company. (People's Republic of China)



Tripod Capital Takes a Stake in Solar Company

Tripod Capital has deployed Rmb125 million (US$19.2 million) in Royal Tech Solar, which focuses on solar thermal heating technology. (People's Republic of China)




Sequoia Dresses Pregnant Mums

Sequoia Capital China is reportedly to provide capital to O.C.T.mami, which produces maternity clothes in China. (People's Republic of China)




Doll Backs LA MIU

Doll Capital Management has reportedly participated in a US$40 million financing in LA MIU, which sells lingerie online. (People's Republic of China)



CDH Reportedly in Discount Website

A consortium that includes CDH Investments and Zero2IPO Capital has reportedly participated in the financing of 55tuan.com, an online group discount website in China. The transaction amount is believed to be around US$200 million. (People's Republic of China)



VinaCapital Nourishes Yen Viet

VinaCapital Group, through its VinaCapital Vietnam Opportunity Fund Ltd., has acquired a minority equity stake in Yen Viet Joint Stock Company, a Vietnamese company that sells bird's nest nutritional products. No further transaction details were disclosed. (Vietnam)


DIVESTMENTS

Clearwater Begins to Check Out from Sayaji Hotels

Clearwater Capital Partners has sold a portion of its holding in Sayaji Hotels Ltd. in the open market and is estimated to have returned around US$1.4 million. (People's Republic of China)



IDG Exits Media China

IDG Capital Partners has sold all of its interest in Hong Kong-listed Media China Corp. Ltd., concluding an investment that began back in 2009. (People's Republic of China)



Hopu Pares down Stake in Winsway

Hopu Investment Management Co., Ltd. ('Hopu') has sold nearly half of its stake in Hong Kong-listed Winsway Coking Coal Holdings Ltd. ('Winsway'). Hopu first invested in Winsway in March 2010. (People's Republic of China)



China Flooring Makes Debut on SEHK

China Flooring Holding Co., Ltd. ('China Flooring'), backed by private equity investors such as Morgan Stanley Private Equity Asia and International Finance Corp., made its debut on The Stock Exchange of Hong Kong. Its investors did not divest China Flooring’s its initial public offering. (People's Republic of China)



Warburg Pincus Makes Another Timely Exit

Warburg Pincus LLC has pared down its equity interest in Hong Kong-listed Intime Department Store (Group) Co., Ltd. ('Intime'), returning an aggregate HK$970 million (US$125 million) to the US-based private equity firm. (People's Republic of China)


PEOPLE ON THE MOVE

Mr Edward F. Sippel

Mr Edward F. Sippel, formerly a managing principal with Quadrangle Group, has left the firm and joined TA Associates. (Pan-Asia)



Ms Xiangming Fang, Mr Chen Gang and Mr Harish Gandhi
AIF Capital Ltd. ('AIF') has named three senior appointments for its Beijing and India offices -
      
  • Beijing : Ms Xiangming Fang, former investment director of IBM China, shall assume the responsibilities as managing director, and Mr Chen Gang becomes an associate director

  • India: Mr Harish Gandhi, formerly with Canaan Partners, will join AIF's India operation as a director (China & India)



Mr Steve Sun

TPG Capital is to hire Mr Steve Sun, an executive director of Goldman Sachs Group Inc., as its China partner, according to media reports. (People's Republic of China)


Stay tuned for APER's forthcoming issue for full coverage of the above!

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