HK-based FountainVest Partners closes $2.1b China-focussed PE fund


Leading pension plans, sovereign wealth funds, insurance companies and other institutions from North America, Europe, Australia, Middle East and Asia continue to be the primary backers for FountainVest. Led by Frank Tang, a former Goldman Sachs banker, the China-focused private equity firm closed its previous fund at $1.35 billion in 2012.

Shanghai Electric Power leads race for buying Abraaj stake in Pakistani utility

State-backed Shanghai Electric Power Co. has emerged as the lead bidder for a controlling stake in K-Electric Ltd., the $2.4 billion Pakistani utility. The Chinese company has submitted the highest bid for buyout firm Abraaj Group’s 66 per cent stake.

Carlyle sues Chinese ATM firm seeking $369m over missed IPO deadline

The Hong Kong-based Carlyle Asia Growth Partners IV and CAGP IV Co-investment filed a winding-up petition against ATMU in the Grand Court of the Cayman Islands this month, seeking to recoup their investments.

SG Realty: Thakrals JV buys assets in Australia; Chiwayland arm buys Wuxi land

Thakral Corporation’s joint venture has acquired two properties in Australia to build retirement homes while a subsidiary of Chinese property developer Chiwayland International acquires a land parcel in Wuxi.

China Digest: gets $310m; H&Q Asia Pac leads Efficient Drivetrains round has secured $310 million series C financing round, while H&Q Asia Pacific leads the initial close of series C financing round in Efficient Drivetrains Inc.

China Dealbook: Centec Networks, FirstP2P secure later-stage funding

Chinese tech firms continue to attract funding. Centec Networks, which operates in the integrated circuit industry, has secured $47 million in a series E round while fintech player FirstP2P has raised $70 million in series C funding.

Paul Yang to head KKR’s Greater China operations

Private equity firm KKR has appointed Paul Yang, the current President and CEO of China Development Financial Corporation (CDFC) to head its Greater China operations from January next year. The appointment follows KKR’s recent announcement that it would expand its Asia-Pacific leadership team with the addition of senior investment talent… Read more »

China: Northern Light leads $25m series B in clinical stage firm TenNor

Existing investors Frontline BioVentures, WuXi Pharma Tech Healthcare Fund I, Oriza Venture Capital and Relativity Healthcare Fund also joined this round.

Postal Savings Bank of China prices HK IPO near bottom, raises $7.4b

State-owned Postal Savings Bank of China (PSBC) priced its Hong Kong initial public offering near the bottom of expectations, valuing the deal at $7.4 billion, IFR reported on Wednesday. The bank, seeking to bolster its balance sheet and fund future lending growth, had originally sought to raise up to $8.1 billion,… Read more »

China: Zhongshan Power leads $5m Series A in wires charging firm Elix

Wireless charging firm ELIX has closed a $5 million Series A investment from Chongquiing Zonfgshen Power Machinery