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AMERICAS
Eminence Capital, the beneficial owner of more than 900k shares of Class A Common Stock of Ritchie Bros. Auctioneers announced its intention to vote against the company's proposed merger with IAA.
They believe that RBA's proposed acquisition of IAA, at the current deal terms, is a flawed transaction that burdens RBA shareholders with unnecessary risk without providing enough credible upside relative to the standalone RBA opportunity.
IAA is advised by JP Morgan, Blake Cassels & Graydon, Cooley (led by Ian A. Nussbaum and Jamie Leigh) and ICR (led by Farah Soi). JP Morgan is advised by Simpson Thacher & Bartlett (led by Caroline Gottschalk and Jakob Rendtorff). Ritchie is advised by Evercore, Goldman Sachs, Guggenheim Partners, RBC Capital Markets, Dorsey & Whitney (led by Michael R. Mills and Christopher L. Doerksen), Goodwin Procter (led by Stuart Cable, Lisa Haddad and Mark Opper), McCarthy Tetrault (led by David Frost and Shea T. Small), Skadden Arps Slate Meagher & Flom (led by Gregg Noel) and Joele Frank (led by Daniel Katcher and Joele Frank). Financial advisors are advised by Freshfields Bruckhaus Deringer (led by Paul Tiger).
Williams, a firm providing infrastructure that safely delivers natural gas products, completed the acquisition of MountainWest Pipelines, an operator of natural gas pipeline systems, from Southwest Gas, a firm engaged in the business of purchasing, distributing, and transporting natural gas, for $1.5bn.
"Our natural gas focused strategy is anchored in having the right assets in the right places to serve our nation's growing demand for clean, affordable and abundant natural gas. This acquisition enhances our position in the western US and is complementary to our current footprint, providing us with infrastructure for natural gas deliveries across key demand markets. With the acquisition now complete, we look forward to welcoming MountainWest employees to Williams and bringing value to our shareholders by delivering safe and reliable services to both Williams and MountainWest customers as we increase the utilization of our existing large scale platforms," Alan Armstrong, Williams President and CEO.
Adobe, an American multinational computer software company, will need to secure European Union antitrust approval for its $20bn bid for cloud-based designer platform Figma even though the deal falls short of the EU turnover threshold for a review, Reuters reported.
The move by the European Commission underlines regulators' worries on Big Tech acquiring smaller innovative rivals and the impact on competition. The EU competition enforcer said Austria, Belgium, Bulgaria, Cyprus, Czechia, Denmark, Finland, France, Germany, Iceland, Ireland, Italy, Luxembourg, the Netherlands, Norway, and Sweden had asked it to review the deal.
The European Union is set to investigate Amazon's $1.7bn purchase of iRobot, Reuters reported. EU regulators have sent the e-commerce giant a series of detailed questions over the proposed transaction, indicating that they are gearing up for a formal probe.
The antitrust watchdogs are likely to launch a formal probe over how iRobot's autonomous vacuum cleaner Roomba operates, particularly its ability to take pictures as it moves around a home.
Intuitive Machines, a diversified space exploration, infrastructure, and services company, went public via a SPAC merger with Inflection Point Acquisition, a blank cheque company, in an $815m deal.
"As the United States plans its return to the Moon after a 50-year absence, Intuitive Machines is excited to play a critical role in providing technologies and services to establish long-term lunar infrastructure and commerce. What's different this time is that the US government has astutely chosen to utilize partnerships with the private sector to accomplish its goals more quickly and more cost-effectively," Kam Ghaffarian, Intuitive Machines Co-Founder and Chairman.
Intuitive Machines was advised by JP Morgan and Latham & Watkins (led by Nick S. Dhesi and Rachel W. Sheridan). JP Morgan was advised by Simpson Thacher & Bartlett. Inflection Point Acquisition was advised by Cantor Fitzgerald and White & Case (led by Joel Rubinstein). Cantor Fitzgerald was advised by DLA Piper.
Drilling Tools, an oilfield services company that rents downhole drilling tools used in horizontal and directional drilling, agreed to go public via merger with ROC Energy Acquisition, a publicly traded special purpose acquisition company, in a $319m deal.
"Drilling Tools' merger with ROC represents a transformative opportunity for the Company and will enable us to be more responsive to the needs of our customers. This transaction will help us grow our core business and facilitate our plan to expand via acquisitions into new markets and emerging technologies. In addition, this transaction will enable DTI to implement long-term plans to align with its long-term customers' needs for additional tools and services. We are also pleased this will provide our employees new opportunities for career development as we grow and require more resources to manage the business," Wayne Prejean, DTI President and CEO.
Drilling Tools is advised by Bracewell. ROC Energy Acquisition is advised by EarlyBirdCapital, Jefferies & Company and Winston & Strawn (led by Michael J. Blankenship). Jefferies & Company is advised by Kirkland & Ellis.
Elevance Health, a health insurer, completed the acquisition of BioPlus, a comprehensive specialty pharmacy, from Nautic Partners-backed CarepathRx, a provider of enterprise management systems intended for the healthcare industry. Financial terms were not disclosed.
"Specialty pharmacy is a critical driver of value for patients, and we are excited to welcome BioPlus, the largest independent specialty pharmacy, to our Elevance Health family. Together, we will enhance our abilities to provide end-to-end pharmacy services for our consumers by delivering greater affordability and access to critical medications, as well as a superior patient experience," Pete Haytaian, Elevance Health Executive Vice President.
Berkshire Partners, a private investment firm, agreed to invest in GTCR-backed Point Broadband, a provider of high speed fiber-to-the-premise internet services to residential and business customers. Financial terms were not disclosed.
"We believe that access to reliable high speed broadband is a fundamental underpinning of economic opportunity. We are thrilled to be partnering with Todd and his team, alongside GTCR, as Point Broadband expands its fiber-based internet access and exceptional customer service to many more underserved communities across the US," Beth Hoffman and Drew Walker, Berkshire Partners Managing Directors.
Point Broadband is advised by Bank Street Group and Kirkland & Ellis. Berkshire is advised by Ropes & Gray and Stanton PRM (led by Charlyn Lusk).
Waters, an analytical laboratory instrument and software company, agreed to acquire Wyatt Technology, a developer and manufacturer of instrumentation for the characterization of nanoparticles and macromolecules, for $1.36bn.
"Over the past two years, Waters has regained our commercial momentum, revitalized innovation and put an outstanding leadership team in place. Now we are entering the next phase of our strategy to accelerate value creation and generate faster growth. While biologics therapies, including cell and gene therapies, can dramatically change the quality of life for a significant percentage of the population, the cost of delivering these therapies is a major barrier for broader adoption. We share a common mission to harness our technology and deep scientific expertise to increase the availability and affordability of life-changing therapies. We look forward to welcoming the Wyatt team to the Waters family," Udit Batra, Waters President and CEO.
Valor Equity-backed Augeo, a provider of enterprise engagement platform technologies, completed the acquisition of Brand Networks, a social media marketing pioneer. Financial terms were not disclosed.
"We are eager to cultivate Brand Network's innovative paid social solutions that optimize cross-platform advertising budgets with data-driven strategies. Moreover, there is not a more authentic and inspired strategy to advance brand experiences than through the passion and advocacy of that brand's employees, customers and partners. We recognize the power of synthesizing brand advocates across social media to deepen the connection to stakeholders and local communities," David Kristal, Augeo Founder and CEO.
Brand Networks was advised by Garros Group. Augeo was advised by Michael Walsh Communications.
enCore Energy, an ISR uranium company, completed the acquisition of the Alta Mesa ISR Project of Energy Fuels, a producer of both uranium and vanadium, for $120m.
"This transaction exceeds enCore's long stated requirement for any major acquisition to be accretive to shareholders in not only production capacity but also cost and timelines to production and an asset we secure at a compelling valuation. In addition, this acquisition further cements enCore's commitment to near-term US-based uranium production with our initial focus on South Texas. Alta Mesa will immediately become a flagship asset amongst our large project portfolio, including our licensed and past-producing Rosita ISR production plant in South Texas, our development-stage Dewey-Burdock and Gas Hills projects in South Dakota and Wyoming, respectively, along with a large resource portfolio in New Mexico. enCore is committed to developing a reliable domestic source of energy," William M. Sheriff, enCore Chairman.
Energy Fuels was advised by Dorsey & Whitney (led by James Guttman).
Biotage, a life science company that provides separation and synthesis technologies, agreed to merge with KKR-backed Gamma Biosciences, a global life sciences platform, in a $235m deal.
"This move brings together two highly regarded and complementary businesses creating a differentiated player in the field of chromatography. Astrea is quickly becoming one of the leaders in its field with an incredible pipeline of innovation targeting advanced therapeutics. We are excited to join forces with the team at Biotage and leverage the strong foundation that they've established to rapidly grow these businesses together," Matt Gunnison, Gamma Biosciences CEO.
Highlander Partners, a private investment firm, completed the acquisition of Black Sage Technologies, a developer of defense technology systems, from Acorn Growth Companies, a middle-market private equity firm. Financial terms were not disclosed.
"The Black Sage executive team is excited to join forces with Highlander and High Point to continue our growth trajectory in the C-UAS, critical infrastructure, and security markets. The need for effective multi-mission C-UAS solutions is increasingly evident and we believe that Highlander will bring the necessary government and military relationships, industry experience, and long-term financial approach to accelerate our objectives in driving the business forward," Al White, Black Sage CEO.
Owl Rock, a division of Blue Owl, led a $133m Series D round in Juniper Square, a provider of partnership enablement for the private funds industry, with participation from Ribbit Capital, Redpoint Ventures, Felicis Ventures, Fifth Wall and Pappy Capital.
"We are very excited to lead this round of financing for Juniper Square - we're seeing significant adoption of Juniper Square's products among GPs in private markets as demand continues to increase for modern investor relations and administration solutions," Darragh O'Flaherty, Owl Rock Principal.
Sandwich chain Subway to explore $10bn sale.
Subway said it was exploring a possible sale of its business as the sandwich chain faces surging costs and mounting competition from deeper-pocketed rivals.
Reuters reported, that a potential sale could value Subway at more than $10bn.
Berkshire Hathaway cuts Activision stake as Microsoft deal flounders. (FS)
Warren Buffett’s Berkshire Hathaway trimmed its bet on Activision Blizzard in late 2022, as the video game maker’s agreed takeover by Microsoft came under regulatory scrutiny.
Berkshire sold 7.4m shares, or 12% of its position, in Activision in the fourth quarter. The sales by the sprawling industrials-to-insurance conglomerate reduced its stake by roughly $435m to $4bn, FT reported.
US Senator Rubio seeks review of Ford technology deal with CATL.
Senator Marco Rubio asked the Biden administration to review Ford Motor's deal to use technology from Chinese battery company CATL as part of the automaker's plan to spend $3.5bn to build a battery plant in Michigan.
Rubio, the top Republican on the Senate Intelligence Committee, wrote to Treasury Secretary Janet Yellen, Energy Secretary Jennifer Granholm and Transportation Secretary Pete Buttigieg calling for an immediate Committee on Foreign Investment in the United States review of the licensing agreement between Ford and CATL, Reuters reported.
Alphabet spinoff Sandbox AQ raises $500m.
Sandbox AQ, a startup spun off from Alphabet last year, said it raised $500m as it helps customers prepare for a quantum computing future.
Sandbox AQ's software scans companies' systems to identify which parts use the old cryptography, identifies which need to be replaced urgently, and sets out to fortify the encryption of the enterprise, said CEO Jack Hidary.
‘Fixer Upper’ stars explore sale of a stake in Magnolia brand.
Magnolia, the home and lifestyle brand founded by Fixer Upper stars Chip and Joanna Gaines, is exploring options including the sale of a minority stake after fielding interest, Bloomberg reported.
The Waco, Texas-based company, founded in 2003, has received interest from suitors including strategic partners and financial institutions and is in the early stages of evaluating its options. It’s unclear how much Magnolia could be valued at in any transaction, and there’s no guarantee that a stake sale will occur.
Ice Cube’s Big 3 basketball league is in talks to sell some of its teams.
Rapper and actor Ice Cube’s Big 3 basketball league is in talks to sell some of its teams as it looks to open up ownership to outside investors, Bloomberg reported.
The league has owned all of its 12 teams since its first tipoff six years ago. Discussions are now underway with a few interested parties to shift some teams to a franchise model.
Influence Media Partners acquires music rights from Tyler Johnson.
Influence Media Partners, a music and entertainment platform, acquired music right from Tyler Johnson, a Grammy Award-winning record producer and frequent collaborator with pop singer Harry Styles. Financial terms were not disclosed.
"Influence Media is committed to partnering with the secret weapons behind some of music's modern classics, and Tyler Johnson is at the top of that list for his work with Harry Styles alone, along with fellow superstars like Sam Smith, Meghan Trainor and Miley Cyrus. We are so proud to represent Tyler's works and look forward to introducing them to even wider audiences," Rene McLean, Influence Media Partner and Founding Advisor.
Ken Griffin's Citadel Securities reveals 5.5% stake in crypto firm Silvergate. (FS)
Citadel Securities, the market maker owned by Citadel’s Ken Griffin, on Tuesday reported a 5.5% stake in cryptocurrency-focused lender Silvergate Capital worth about $25m, according to a regulatory filing.
Shares in Silvergate jumped after the disclosure, and were last up about 14%, DealStreetAsia reported.
Reddit looking to go public in H2 2023.
Social media platform Reddit is looking to go public later this year, likely in the second half.
Reddit and other firms including grocery delivery firm Instacart are keeping their initial public offering paperwork up to date, in preparation for their debuts when market conditions improve, DealStreetAsia reported.
Bain Capital unveils $2.4bn tech fund. (FS)
Bain Capital plans to capitalize on lower pricing for tech companies with a new $2.4bn tech-focused private-equity fund that is nearly twice the size of its predecessor.
The firm will invest its Bain Capital Tech Opportunities Fund II in a dramatically different environment for tech deal-making than the one it faced when it closed its roughly $1.3bn debut tech opportunities fund back in 2020, Private Equity News reported.
Curie.bio raises $500m for two new funds. (FS)
Curie.bio, a new venture capital fund for biotech, launched with what it claims is a whole new model for financing the sector, raising over $500m across two funds.
"Curie.Bio is a new model for venture capital in biotech. We are focused on a singular mission – helping founders launch therapeutics companies that go on to raise an awesome next round of financing," Curie.bio.
D.E. Shaw closes first private equity fund shy of $500m target. (FS)
Quant pioneer D.E. Shaw raised more than $450m for its first dedicated private equity fund, just shy of the $500m target it set a year ago, Bloomberg reported.
The Voltaic fund is debuting after a drop in private-company valuations, and portfolio manager Edwin Jager said he expects to capitalize on further declines this year as startups grow more desperate for cash.
Goldman Sachs promotes Haigh, Watson to global co-heads of fixed income. (People)
Goldman Sachs Group has promoted Kay Haigh and Whitney Watson to global co–heads and chief investment officers of fixed income and liquidity solutions.
They replace Sam Finkelstein, who will retire at the end of June, after almost 26 years at the Wall Street firm. Finkelstein joined Goldman as an analyst in 1997 and was named managing director in 2005 and partner in 2010, DealStreetAsia reported.
EMEA
EU antitrust regulators will decide by March 20 whether to clear French telecoms provider Orange's $19bn bid for Spanish telecoms provider MasMovil, Reuters reported.
The EU competition watchdog can clear the deal with or without remedies after its preliminary review ends, or it can open a four-month investigation if it has serious concerns.
MasMovil is advised by BNP Paribas, Bank of America, Evercore (led by Juan Pedro Perez Cozar), Goldman Sachs (led by Macario Prieto), PricewaterhouseCoopers, Santander, Freshfields Bruckhaus Deringer (led by Jose Armando Albarran), Perez Llorca (led by Juan Jiménez-Laiglesia and Pablo Figueroa) and Uria Menendez (led by Gabriel Nunez). Debt financing is provided by BNP Paribas. Orange is advised by Ernst & Young, Citigroup, JP Morgan (led by Ignacio de la Colina), Lazard (led by Vincent Le Stradic), Garrigues and Jones Day (led by Luis Riesgo).
Capricorn Energy, a British oil and gas exploration and development company, terminated the acquisition of NewMed Energy, an Israeli oil and gas company, for $620m.
"Based on its work to date in respect of the Strategic Review and taking into consideration the views expressed by shareholders on the NewMed transaction, the board has resolved to advise shareholders to vote against the NewMed transaction," Capricorn.
KLAR Partners, a private equity firm, completed the investment in GMC-Instruments, a provider of mission-critical electrical test and measurement solutions headquartered in Germany. Financial terms were not disclosed.
"In KLAR Partners we welcome a reliable partner with extensive sector expertise and the resources to further support our growth, both organically and through acquisitions. I look forward to continuing to support the Company as a shareholder and member of the Advisory Board," Hans-Peter Opitz, GMC-Instruments Managing Director.
Najafi set to launch $3.75bn takeover bid for Tottenham Hotspur. (FS)
Iranian-American billionaire Jahm Najafi, chair of MSP Sports Capital, is set to launch a $3.75bn takeover bid for English soccer club Tottenham Hotspur, Reuters reported.
MSP Sports Capital is working with a consortium of investors to structure the bid, the report said, adding that it is weeks away from formally approaching Spurs owner Joe Lewis and the football club's chair Daniel Levy.
Pirelli’s Chinese owner weighs sale of stake in tiremaker.
Sinochem Holdings is considering selling its 37% stake in Italian tiremaker Pirelli as the Chinese state-owned conglomerate seeks to streamline its global portfolio of assets, Bloomberg reported.
The Beijing-based oil-to-chemicals group is in the early stages of reviewing its holding in Pirelli. Prospective buyers including private equity firms have shown preliminary interest in the iconic Milan-based firm. Sinochem may also sell a partial stake or divest over time on the market.
One-fifth of Vodafone is now owned by rivals including Liberty.
About one-fifth of Vodafone Group is now owned by its rivals — with Liberty Global taking a surprise 4.9% stake. The company’s growing roster of strategic shareholders is ratcheting up pressure to find ways to boost the value of the stock.
Liberty said it had acquired the holding, which it described as an “opportunistic” bet that the stock is undervalued. Vodafone shares have fallen about 28% in the past 12 months — hitting their lowest level since 1997 in December — and it recently ousted its chief executive officer, Bloomberg reported.
Deutsche Bank cuts ties with Selfridges co-owner René Benko.
Deutsche Bank has cut ties with one of Europe’s most successful property developers over concerns about his involvement in a sprawling corruption investigation.
Germany’s biggest lender decided late last year to end its business relationship with René Benko, the Austrian real estate billionaire who co-owns Selfridges in London, the Chrysler Building in New York and German department store KaDeWe, FT reported.
Flybe to wind down as rescue talks collapse.
British regional airline Flybe will start a winding down process after talks over a rescue sale of its business collapsed, the company's joint administrators said, Reuters reported.
The company last month ceased trading for the second time in three years, with all flights cancelled and 276 workers affected.
APAC
Vast Solar, a renewable energy company specializing in concentrated solar power energy systems that generate zero-carbon, utility-scale electricity and industrial heat, agreed to go public via merger with Nabors Energy Transition, a special purpose acquisition company, in a $586m deal.
"Vast's CSP technology collects and stores the sun's energy during the day for delivery at any time, making around-the-clock, clean power a reality. While the cost of wind and PV solar have declined significantly, their intermittency remains a key challenge that can only be addressed with storage. By providing clean, renewable energy with low-cost, long-duration storage, our CSP system can be incorporated as dispatchable generation in a way that is not possible using PV solar or wind with batteries. We are excited to partner with NETC to accelerate the deployment of our technology globally," Craig Wood, Vast CEO.
Vast Solar is advised by Gilbert + Tobin, White & Case and ICR. Nabors is advised by Guggenheim Partners, King & Wood Mallesons, Milbank and Vinson & Elkins (led by Scott Rubinsky, Doug McWilliams and Ramey Layne). Guggenheim Partners is advised by Sullivan & Cromwell (led by Stephen M. Kotran).
Investment firms Lightspeed and Sequoia Capital led a $100m Series C round in Aspire, a Singaporean fintech firm, with participation from Paypal Ventures, LGT Capital Partners, Picus Capital and Mass Mutual Ventures.
"We are excited to partner with world-class investors to bring finance back to the driving seat of new age businesses in Southeast Asia. From delivering real-time financial data, to fast and transparent cross-border payments, to empowering business teams with world-class spend management capabilities to move fast and move right - we look forward to empowering every modern business, big or small, with the right financial tools to realize their full potential," Andrea Baronchelli, Aspire CEO.
TVS in talks with ADIA, Goldman and Carlyle for EV investment. (FS)
India's TVS Motor, a multinational motorcycle manufacturer headquartered in Chennai, is in talks with Abu Dhabi Investment Authority, Goldman Sachs and Carlyle Group for an investment in its electric vehicle arm, Reuters reported.
The $300m to $350m investment would value TVS at about $3bn to $3.5bn, likely making it India's most valuable EV two-wheeler manufacturer.
K-pop pioneer jumps on hopes of a bidding war to defy BTS label.
SM Entertainment surged to another record high, as expectations mount that more suitors may emerge to challenge BTS label Hybe for control of the talent studio behind K-pop’s first forays overseas, Bloomberg reported.
Investors are betting internet giant Kakao, which seeks to raise its profile in music through an alliance with the K-pop pioneer, may counter Hybe’s hostile takeover bid for SM shares. A local media report said Kakao had approached investment firm and K-contents giant CJ to jointly buy SM shares.
Indosat nearing towers deal with Mitratel.
Telecommunication comapny Indosat Ooredoo Hutchison is nearing a deal to sell a portfolio of telecommunications towers to Mitratel as part of the Indonesian carrier’s efforts to trim its assets, Bloomberg reported.
PT Indosat and PT Dayamitra Telekomunikasi, as the two companies are formally known, are finalizing the details of a transaction. The so-called sale-and-leaseback deal between the Jakarta-based telecom groups would involve around 1k phone towers.
Berkshire cuts its stake in TSMC. (FS)
Warren Buffett's Berkshire Hathaway, an American multinational conglomerate holding company headquartered in Omaha, Nebraska, slashed its stake in Taiwanese contract chipmaker TSMC, as well as in some banks in the fourth quarter while bolstering its holdings in Apple.
Berkshire cut its position in Taiwan Semiconductor Manufacturing by 86.2% to 8.3m sponsored American depositary shares, according to a regulatory filing.
BP takes a stake in South Korean offshore projects.
BP, a British multinational oil and gas company, entered the South Korean offshore wind sector after acquiring a stake in Norway's Deep Wind Offshore portfolio of projects.
"South Korea is an exceptional market to expand our growing offshore wind footprint. We are very happy to be working with a partner as strong as Deep Wind Offshore, which has managed to build a strong local team and develop these projects in collaboration with a variety of Korean stakeholders. We look forward to developing these gigawatts further so we can integrate these electrons in the wider energy system and help the global and South Korean energy transition," Matthias Bausenwein, BP Senior Vice President.
Blackstone turns to India as global investors grow cautious. (FS)
Blackstone is seeking minority stakes in companies to capture technological advances in India, even as global investors grow cautious after a short seller report rattled the empire of one of the nation’s richest men, Bloomberg reported.
“Obviously the events of the last few weeks have probably made global investors a little more cautious. I think because of all the entrepreneurship and technology strength - growth would be a natural place for us to expand, ” Jonathan Gray, Blackstone President and Chief Operating Officer.
Emirates, Qatar Airways and Etihad in Garuda partnership talks.
Garuda Indonesia is in early talks with three different Middle Eastern carriers — Emirates, Etihad Airways and Qatar Airways — about setting up a possible partnership, Bloomberg reported.
The Indonesian flag-carrier is seeking a partner that can offer expertise and connectivity. The airline can afford to take its time thanks to a rebound in air travel that has eased pressure on it to raise funds.
REPT adds Credit Suisse to arrange $1bn HK IPO.
REPT Battero Energy has added Credit Suisse Group to arrange its planned Hong Kong initial public offering, which could raise as much as $1bn, Bloomberg reported.
The Chinese battery maker for electric vehicles has selected the Swiss bank as a joint global coordinator for the first-time share sale, which could happen as soon as in the first half of this year. Morgan Stanley and Citic Securities have the top roles as sponsors on the deal, a preliminary prospectus filed in December shows.
KV Asia Capital said to close second fund by Q2 2023. (FS)
Southeast Asia-focused private equity firm KV Asia Capital is said to hit the final close of its second fund by the second quarter of this year.
The fund, which was launched in 2019, is seeking to close the vehicle at around $230-240m, lower than its initial target of $300m, DealStreetAsia reported.
Ex-partner at Joseph Tsai's family office to raise $200m for his own fund. (FS)
Danny Lee, who previously managed global private equity for the family office of Alibaba Group’s co-founder Joseph Tsai, is looking to raise about $200m for his own fund targeting wealthy investors.
Lee started the Cayman-domiciled fund VCA Capital in 2022 after an over-seven-year tenure at Hong Kong-headquartered Blue Pool Capital, which Alibaba’s Tsai co-founded with Alexander West in 2004 to invest in public and private equities, hedge funds, and real estate, DealStreetAsia reported.
IMMG launches new renewable energy vehicle. (FS)
IMM Investment Global, a South Korea-based alternative asset manager, has launched IMM Global Renewables Fund II, the second vehicle in its clean energy fund series.
The fund will focus on supporting the transition to clean energy. IMMG fundraised from its Asian investor base for the fund, DealStreetAsia reported.
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