By Nguyen Thi Bich Ngoc
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.
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.
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.
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.
U51.com 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.
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.
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 »
Existing investors Frontline BioVentures, WuXi Pharma Tech Healthcare Fund I, Oriza Venture Capital and Relativity Healthcare Fund also joined this round.
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 »
Wireless charging firm ELIX has closed a $5 million Series A investment from Chongquiing Zonfgshen Power Machinery