By Melissa Mittelman
TPG is investing in Hong Kong-based NewQuest with its balance sheet — not via a fund — and NewQuest will continue to operate independently.
Most of the creditors have agreed to a standstill, which would see Abraaj’s debt frozen for around 90 to 120 days, estimating the buyout firm’s total debt at around $1 billion.
In a sign of the region’s importance to KKR, Joseph Bae was named co-president last year after leading the company’s push into Asia a decade ago.
Canada’s CDPQ, Hong Kong-based SSG Capital Management Ltd, Oaktree Capital and Varde Partners are keen to participate in the fledgling market.
The deal marks the seventh investment by Mekong Enterprise Fund III that was launched in 2015.
Apis Growth Fund II has a total committed capital target size of $400 million, with a $500-million hard cap.
Having already identified and shortlisted a couple of companies, the incubator is likely to start operations in the next few months.
In a disclosure to Ho Chi Minh City Stock Exchange, GIC said it sold all the 5.4 million shares, equivalent to a 7.96 per cent stake, it held in Vinasun on May 25.
IndiaFirst is a JV between Bank of Baroda (44%), Andhra Bank (30%) and Legal & General (26%).
Cerberus Capital Management is said to be still in discussions with Abraaj for buying a stake in its fund management unit and is carrying out its own due diligence.