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AMERICAS
The US Federal Trade Commission's chances of holding up Microsoft's $69bn bid to buy Activision Blizzard appeared uncertain after a federal judge challenged the agency's argument that the proposed transaction would hurt gamers, Bloomberg reported.
US District Judge Jacqueline Scott Corley in San Francisco needled FTC lawyers over why they think Microsoft could hurt consumers by excluding Activision games from consoles sold by rivals, including Sony Group's PlayStation.
Amphastar Pharmaceuticals, a specialty pharmaceutical company, completed the acquisition of BAQSIMI, a diabetes medication from Eli Lilly, a pharmaceutical company, for $1.1bn.
"We are pleased to execute our strategy to accelerate the expansion of our branded products and diabetes portfolio, as evidenced by the successful completion of the acquisition of BAQSIMI. We have further strengthened our commercial product portfolio by adding BAQSIMI while remaining committed to our core business. We are committed to maximizing the commercial potential of BAQSIMI while assisting people with diabetes worldwide," Jack Zhang, Amphastar President and CEO.
Amphastar Pharmaceuticals was advised by Jefferies & Company and Wilson Sonsini Goodrich & Rosati. Debt financing was provided by CIBC World Markets, Capital One Financial Corporation, Cathay Bank, East West Bank, Fifth Third Bancorp, JP Morgan and Wells Fargo Securities. Eli Lilly was advised by JP Morgan, Covington & Burling and Kirkland & Ellis.
NI announced the company's stockholders voted to adopt the proposed agreement and plan of merger, whereby NI will be acquired by Emerson for $8.2bn.
"Today's vote by our stockholders validates our belief that this transaction represents the best outcome for all NI stakeholders. We thank our stockholders for their support and look forward to accelerating our position as a leading provider of software-connected automated test and measurement systems in this next chapter as part of Emerson," Eric Starkloff, NI CEO.
Britain's competition regulator said that Photoshop owner Adobe's $20bn buyout of cloud-based designer platform Figma may be referred to a deeper investigation as it could "reduce innovation", Reuters reported.
The Competition and Markets Authority said unless the parties offer acceptable undertakings to address competition concerns, mainly in screen design software where Figma is a leader, the deal would be referred to a Phase 2 investigation.
Circor International said that KKR & Co had raised its offer for the industrial machinery maker by $5 to $56 per share in cash, as the investment firm looks to fend off a rival bid from Arcline Investment Management, Reuters reported.
Arcline on June 28 proposed to buy Circor for $1.8bn including debt, topping KKR's rival bid of $1.7bn. KKR's initial offer was $1.6bn.
Immunome, a biotechnology company with a growing pipeline of cancer immunotherapies fueled by the human immune system, agreed to acquire Morphimmune, a biotechnology company focused on developing targeted oncology therapeutics. Financial terms were not disclosed.
"This is the first step in establishing a preeminent oncology company. Combining Morphimmune's Targeted Effector Platform with Immunome's Discovery Engine will enable us to pursue novel targets and modalities, unlocking substantial synergistic value. Given the quality of our science, the expertise of our combined leadership team, and the strengthened cash position, I am extremely enthusiastic about our potential to reduce the suffering and loss of life caused by cancer," Clay B. Siegall, Morphimmune CEO and President.
Morphimmune is advised by TD Cowen, Cooley and Timbre Strategies. Immunome is advised by SVB Securities, Stifel, Wedbush Securities and Mintz Levin. Financial advisors are advised by Morrison & Foerster (led by Michael O'Bryan).
Absolute Software is pleased to announce that its securityholders have approved the acquisition of all of the outstanding shares by Crosspoint Capital Partners for $870m.
The court hearing for the final order to approve the arrangement is expected to take place on July 4, 2023, and the completion of the arrangement is expected to occur during the second half of 2023. Until close, the parties remain separate independent companies.
Absolute Software is advised by Perella Weinberg Partners, Raymond James (led by Bob Flanagan and David Atkinson), Blake Cassels & Graydon and Cooley. Crosspoint Capital Partners is advised by Barclays, Ropes & Gray (led by Thomas Fraser and Thomas Holden) and Stikeman Elliott.
Golden Gate Capital, a private equity firm, agreed to acquire DMC Power, a designer and manufacturer of proprietary connector technology systems, from Bridgepoint, a private equity firm. Financial terms were not disclosed.
“Thanks to our dedicated team and productive partnership with Bridgepoint, DMC Power has grown rapidly over the past decade and established itself as an industry leader. Our success is reflected in the strong and longstanding relationships we have created with our customers, who have come to value the unmatched quality, service and lead times our platform provides. We are confident Golden Gate Capital is the ideal partner for the next leg of our journey, as their deep industrial expertise and additional development resources will fuel our continued market expansion and ability to serve new and existing customers," Tony Ward, DMC Power CEO.
DMC Power is advised by Harris Williams & Co and Davis Polk & Wardwell. Golden Gate Capital is advised by Robert W Baird, Paul Weiss Rifkind Wharton & Garrison and FGS Global. Bridgepoint is advised by Ernst & Young and KPMG.
The merger of Equifax and Boa Vista Serviços, the second largest credit bureau in Brazil, received shareholder approval of the $596m merger agreement.
"Today's positive Boa Vista Serviços shareholder vote is a critical milestone in the strategic combination of our businesses – a merger that would mark an exciting new global chapter for both Equifax and Boa Vista Serviços customers and employees. This transaction aligns with our EFX2025 strategic priorities and offers Boa Vista Serviços access to expansive Equifax international capabilities and cloud-native data, products, decisioning and analytical technology for the rapid development of new products and services, and expansion into new vertical industries. We are energized to move towards closing the acquisition in the coming weeks and look forward to bringing the Equifax Cloud™ and new products and solutions to Boa Vista Serviços and their Brazilian customers," Mark W. Begor, Equifax CEO.
Boa Vista is advised by Citigroup, UBS and Pinheiro Guimaraes Advogados. Equifax is advised by Bank of America, Hogan Lovells (led by Keith Flaum) and Machado Meyer Sendacz e Opice Advogados (led by Adriana Pallis Romano).
John Swire & Sons, a diversified businesses operator, agreed to acquire Swire Coca-Cola, USA, a Coca-Cola and other beverages producer and seller, from Swire Pacific, a conglomerate, for $3.9bn.
"This transaction represents an attractive valuation that results in a gain of approximately $2.9bn on disposal, the biggest profit ever realised by Swire Pacific. This allows us to provide immediate value to our shareholders by returning approximately half of this gain by way of a special dividend. It is also consistent with our strategic focus on Greater China and South East Asia, where we remain committed to executing our exciting investment pipeline," Guy Bradley, Swire Pacific Chairman.
John Swire & Sons is advised by Rothschild & Co. Swire Pacific is advised by Goldman Sachs, Moelis & Co, Morgan Stanley and Somerley Capital.
Bausch + Lomb, an optical brand, agreed to acquire XIIDRA, a non-steroid eye drop, from Novartis, a pharmaceutical company, for $2.5bn.
“This acquisition is a prime example of our strategy in action, as it provides needed scale for the company and transforms our pharmaceuticals business by making us a leader in ocular surface diseases. The deal is also expected to accelerate margin expansion through a larger mix of pharmaceutical products in our portfolio, provide strong and immediate earnings accretion and presents a clear path to deleverage, making it financially compelling," Brent Saunders, Bausch + Lomb Chairman and CEO.
HF Capital, a private equity firm, completed a $75m investment in Westrock Coffee, an integrated coffee, tea, flavors, extracts, and ingredients solutions provider.
“Our agreement to make this additional investment further validates our belief in Westrock Coffee’s strategy to capitalize on the strong demand for extracts and RTD as a growing consumer category, and on the ability of the Westrock Coffee team to deliver on that strategy," Andrew Seamons, HF Capital CIO.
Westrock Coffee was advised by Wells Fargo Securities, Wachtell Lipton Rosen & Katz and ICR. HF Capital was advised by Bass Berry & Sims.
Comvest Partners, a private equity firm, completed the acquisition of Your Behavioral Health, a behavioral health services platform. Financial terms were not disclosed.
“Comvest is excited to partner with Your Behavioral Health, an established and long-tenured provider in the rapidly growing behavioral health sector. Mike Joly and Martha Koo are driving forces in innovative treatment modalities, clinical excellence and a holistic continuum-of-care approach in mental health and addiction recovery services. With mental health treatment needs at epidemic levels in the United States, Comvest is pleased to support Your Behavioral Health during its next stage of growth through investments in key technologies and additional outpatient and telehealth services," Roger Marrero, Comvest Senior Partner.
Your Behavioral Health was advised by Intrepid Investment Bankers. Comvest was advised by Brentwood Capital Markets, Raymond James and McDermott Will & Emery.
Private equity firm South Street Securities Holdings and Atlas Merchant Capital led an investment round in MAXEX, a digital mortgage exchange, with participation from JP Morgan and Moore Asset Backed Fund.
“MAXEX’s mission is to serve as a market utility and liquidity provider for the US mortgage markets. As our exchange has grown, our value proposition and the significant operational efficiencies we provide have become increasingly clear to the industry. This partnership enables us to further accelerate our growth, expand our product suite and broaden our network," Tom Pearce, MAXEX Co-Founder, Chairman and CEO.
MAXEX was advised by Houlihan Lokey. South Street was advised by Katten Muchin Rosenman. Atlas Merchant was advised by Debevoise & Plimpton.
Lockheed Martin, an aerospace company, completed an investment in Sintavia, an additive designer and manufacturer of advanced thermodynamic components. Financial terms were not disclosed.
“This investment not only cements the relationship between Lockheed Martin and Sintavia, but also demonstrates the fact that Sintavia’s thermodynamic components - optimized through additive technology—are sought after by the largest and most substantial prime integrators within the aerospace & defense industry. Lockheed Martin represents the very best of these, and we are honored to have their backing as we continue to grow and expand our product line," Brian Neff, Sintavia Founder and CEO.
Sintavia was advised by RBC Capital Markets and Alvarez & Diaz-Silveira.
Cummins, a designer, manufacturer and distributor of diesel and natural gas engines, completed the acquisition of the remaining 19% stake in Hydrogenics, a manufacturer of hydrogen generation and fuel cell products, from Air Liquide, an industrial gases company. Financial terms were not disclosed.
Cummins’ buyout reinforces its commitment to these technologies and the increasing importance they will play in creating value for all stakeholders and decarbonizing our world. This move enables continued investment and growth in hydrogen technologies to meet rapidly growing demand.
Cummins was advised by Morgan Stanley.
Molina Healthcare, a managed healthcare services provider, agreed to acquire the California medicare business from Bright HealthCare, a health insurance company, for $510m.
"These additions fit perfectly with our strategy of serving high-acuity, low-income members and represent a textbook execution of our growth playbook. We acquire viable assets at attractive valuations, then deploy our proven team of operators to deliver improved financial results. We are pleased to continue our meaningful growth in California as the latest realization of our national growth strategy," Joe Zubretsky, Molina President and CEO.
Monster is close to buying rival Bang Energy for $362m.
Monster Beverage is closing in on a $362m deal to acquire rival drink maker Bang Energy out of bankruptcy, but a regulatory review has put the tie-up in jeopardy, Bloomberg reported.
Bang Energy maker Vital Pharmaceuticals said that the proposed sale to Monster is supported by its lenders and represents "the only viable path" to repaying its creditors in Chapter 11. The deal also includes a related settlement of litigation between the two companies.
Kinross Gold rejects a takeover from Endeavour.
Endeavour Mining made a takeover approach to rival Kinross Gold in recent months that was rebuffed by the Canadian company. Endeavour, an acquisitive gold miner backed by Egyptian billionaire Naguib Sawiris, was considering a potential cash and stock deal for Kinross.
Discussions between Endeavour and Kinross didn’t proceed beyond the initial stage due to differences over valuation and other issues. It wasn’t immediately clear whether the talks could revive at a later date, Bloomberg reported.
Chevron offers to sell oil and gas properties in New Mexico, Texas.
Chevron is offering to sell several oil and gas properties in New Mexico and Texas, as the US oil major looks to cull acreage after major shale acquisitions.
Chevron has been divesting properties in the Permian Basin of West Texas and New Mexico, where it is the largest publicly-traded oil and gas producer and the largest property owner with 2.2m acres. The combined value is about $100m, Reuters reported.
SVB Financial nears approval to sell its investment banking business.
A US bankruptcy judge said that he would allow SVB Financial Group to sell its investment banking division, once the company has ensured that it is not releasing any liabilities related to the collapse of its Silicon Valley Bank unit.
US Bankruptcy Judge Martin Glenn in Manhattan said during a Thursday court hearing that he could not approve the sale of SVB Securities to a group led by the subsidiary's former CEO Jeff Leerink and backed by funds managed by The Baupost Group, as initially proposed. Glenn said he was unsure if Leerink and other executives had any actual liability, but he could not grant them sweeping legal protections without more evidence, Reuters reported.
TuSimple prepares to exit US autonomous trucking market.
TuSimple, a self-driving truck developer, has revealed its intention to explore strategic options for its US business. These options include the potential sale of the company. TuSimple has engaged investment bank Perella Weinberg Partners as financial advisor to explore possible transactions for the business.
TuSimple revealed that the company is evaluating strategic alternatives for its US business with a goal to maximize shareholder value. If the company proceeds with the sale of its US operations, TuSimple intends to maintain its status as a global enterprise focused on the development and application of self-driving technology for heavy-duty trucks. The company plans to shift its focus towards the Asia-Pacific region and other significant markets while continuing its operations as a prominent player in the industry.
Shein files for US IPO.
Shein, the Chinese online fashion retailer worth more than $60bn that is under scrutiny from US lawmakers over its labor practices, has registered with regulators for an initial public offering in New York. The stock market debut could make Shein the most valuable Chinese company to go public in the United States.
Shein has confidentially submitted its IPO registration with the US Securities and Exchange Commission. The stock market debut could come before the end of 2023, Reuters reported.
Varsity Healthcare Partners closes Fund IV at $700m. (FS)
Varsity Healthcare Partners, a lower middle-market private equity firm, announced the final closing of Varsity Healthcare Partners IV with total capital commitments of $700m, exceeding the Fund’s designated hard cap of $650m.
Consistent with previous fund vintages, VHP IV will continue to execute the Firm’s well-practiced, “buy and build” tactical value creation strategy, prioritizing platform investments in clinically differentiated healthcare providers as well as businesses offering critical outsourced services and/or technology to healthcare providers and payers.
VHP is advised by Evercore, Kirkland & Ellis and Prosek Partners.
EMEA
US private equity firm Silver Lake said it has secured a majority of 63% in Software and intends to pursue a delisting of the business software developer.
Earlier this month, Bain Capital and Rocket Software sold all their shares in Software to Silver Lake, helping the company gain a 41% stake.
Software's management and supervisory boards supported Silver Lake despite Bain's higher offer of $39 per share, drawing criticism from minority shareholders at the company's annual general meeting last month, Reuters reported.
Keysight Technologies, an electronic equipment maker, agreed to acquire a 50.6% stake in ESI Group, a software developer, in a $995m deal.
“The operation we are announcing today is the culmination of a well-considered process and several years of transformation. It accurately recognizes the value of the work carried out by the leadership team and reflects the significant role ESI holds in the industrial software ecosystem. I, along with the entire Board, unanimously welcome this operation, and believe that it is in the best interest of the Company, its employees, its clients, its shareholders and all other key stakeholders,” Alex Davern, ESI Group Chairman.
ESI Group is advised by Evercore, Rothschild & Co, King & Spalding and McDermott Will & Emery. Keysight is advised by JP Morgan and Paul Hastings.
Donaldson, a provider of innovative filtration products and solutions, completed the acquisition of Univercells Technologies, a provider of novel biomanufacturing technologies for flexible and scalable advanced therapies and vaccine production, from Gamma Biosciences, a life sciences platform created by KKR, €136m ($148m).
"We are delighted that UT will join Donaldson as it expands its presence in biomanufacturing, leveraging its legacy of filtration technology leadership. UT has developed a best-in-class platform for efficient manufacturing of gene therapies and vaccines and will be well positioned as part of the larger Donaldson organization to support the market going forward," Matt Gunnison, Gamma Biosciences CEO.
Univercells Technologies was advised by Rothschild & Co. Gamma Biosciences was advised by Freshfields Bruckhaus Deringer and Sidley Austin.
Achernar Assets, a Swiss investment holding company, agreed to acquire ERG Power, an energy company. Financial terms were not disclosed.
"The divestment of ERG Power allows us to complete our transformation to a business model entirely focused on wind and solar power generation: a crucial step towards achieving the ‘net zero’ target that the Group has committed to and set as part of the ESG plan," Paolo Merli, ERG CEO.
ERG Power is advised by Ernst & Young, Rothschild & Co and DLA Piper.
Lloyds-backed Citra Living Properties, a private rental company, agreed to acquire Barratt Developments, a housebuilding and commercial developer, for £168m ($213m).
"We are delighted to announce a significant step forward in our partnership with Citra, who share our commitment to delivering a wide range of high-quality, sustainable homes and communities across the UK. Since forming our strategic partnership in 2021, we have agreed the sale of some 502 homes on individual sites to Citra. Our focus on quality and the environmental performance of our homes has enabled us to assemble an attractive portfolio of homes in desirable locations for private rental. The single-family dwelling segment of the private rental sector continues to grow strongly and presents an opportunity for us to both diversify our revenues against the current challenging market backdrop and develop communities which encompass all forms of housing tenure," David Thomas, Barratt CEO.
Sambla, a loan broker, completed the acquisition of MyMoney, a loan broker for car purchases, from Nordic Capital, a private equity firms. Financial terms were not disclosed.
"We look forward to becoming part of Sambla Group's strong, customer-centric and value-driven business model. The combination with how we have successfully managed to create value for customers as well as retailers and bank partners makes this a perfect match. With Sambla Group's experience and with Nordic Capital as a strong owner, we will be able to reach our full potential and further accelerate our growth journey," Klas-Johan Claesson, MyMoney CEO.
MyMoney was advised by Carnegie Investment Bank.
Carlyle, a global Investment firm, agreed to acquire a majority stake in Anthesis, a sustainability advisory and solutions firm. Financial terms were not disclosed.
"In Anthesis, we identified an opportunity to partner with a mission-driven business that is uniquely positioned to deliver impact. As demand for sustainability solutions continues to accelerate, we believe Anthesis' long-standing reputation for leading technical expertise and track record of high-quality delivery, makes the company exceptionally well positioned to further scale to meet this growing opportunity. Leveraging Carlyle's global network and expertise in scaling similar businesses, we are delighted to support Stuart and the entire team in the next chapter of its growth journey," Mark Dale, Carlyle Managing Director of Europe investment advisory team.
EU Commission demands Uniper dispose of its Dutch business.
The European Commission has demanded that German gas importer Uniper divest its Dutch business to obtain regulatory approval for a rescue deal.
The European Commission has set itself a December 16 deadline to decide on whether to approve Germany's bailout of Uniper, the country's biggest gas trader which nearly collapsed after Russia stopped the supply of the fuel, under merger control rules. Uniper's shareholders are scheduled to vote on the bailout.
Uniper's activities in the Netherlands mainly consist of its Maasvlakte MPP 3 hard coal-fired power plant with a capacity of 1.07GW. It also has several smaller gas-fired plants there with a combined capacity of 53MW, Reuters reported.
Enento explores a $564m sale amid takeover interest. (FS)
Enento Group, a Nordic credit information provider, is exploring options including a potential sale amid takeover interest, giving it a market value of about $564m.
The Finnish firm is working with an adviser to weigh options after interest from US credit reporting company TransUnion and private equity firms including Apax Partners. Deliberations are ongoing and there’s no certainty they’ll result in a transaction.
Enento said in a regulatory filing that it receives transaction proposals from time to time, and its board considers and evaluates different alternatives carefully, with a view to safeguarding the interests of Enento Group and its shareholders, Bloomberg reported.
Draslovka mulls equity raise.
Draslovka, a cyanide maker, is considering an equity fundraising worth hundreds of millions of dollars support the roll out of new technology that could help miners slash use of cyanide.
The company aims to quadruple its earnings before interest, depreciation and tax to $400m over five years, mainly via licensing the patented glycine process and providing services. Draslovka would look to offer a minority stake, he continued, adding large players that would help boost its profile preferred a size of at least $200m, Reuters reported.
L Catterton sells its stake in Pinarello. (FS)
L Catterton, a global consumer-focused investment firm, has sold Pinarello, an Italian cycling brand synonymous with world-class performance, luxury, elite racing, and speed, to a private family office. The terms of the transaction were not disclosed.
"With L Catterton's global platform and their expertise in fitness, outdoor, and luxury, Pinarello has grown its status as an elite performance brand at the apex of the cycling industry. Over the past seven years with L Catterton's partnership, we have built on our best-in-class R&D capabilities, bolstered by collaborations with the industry's top riders and organizations, creating a product set that remains consistently at the forefront of innovation. We have also achieved record revenues and are now poised for our next era of growth. I am very excited to continue the momentum that we have achieved, and this transaction will allow us to further elevate our company as the international leader in the high-end bike sector through ever-increasing investments in R&D focused on making industry-changing innovations around materials and products," Fausto Pinarello, Pinarello Chairman.
L Catterton and Pinarello were advised by Houlihan Lokey and Nctm. Buyer was advised by Electa Italia and GE Lux.
Cathay Capital Private Equity announces the final close of the $261m Small Cap IV Fund. (FS)
Cathay Capital’s private equity arm, Cathay Capital Private Equity, has announced raising $261m in the final close of its fourth small cap fund, which invests in companies across Europe, North America, and Asia.
The buyout firm’s small cap fund strategy focuses on high-growth companies, supporting them with tailored scale-up strategies, internationalisation, and the integration of cutting-edge technology.
The fund aims to invest equity tickets of $16m to $33m mainly through minority investments alongside founders. Already, seven investments have been made through the fund, including higher education institution AD Education, pet brand Chowsing, basic apparel brand Snocks, and contract research firm Transcure.
Rothschild & Co hires Eva Maria Wiecko as the Head of EMS. (People)
Rothschild & Co said it is expanding its investment banking business in Germany and Austria with the hire of Eva Maria Wiecko from competitor Goldman Sachs. Wiecko will join the team from July 1 in the newly created role of Head of Equity Market Solutions for Germany and Austria.
"Due to the increasing complexity of raising capital, we see a significant increase in demand for integrated and tailored advice on equity financing, market access, positioning and investor dialogue," Kai Tschoeke, Rothschild Co-Head of Global Advisory.
APAC
HDFC merger to create world's fourth largest bank by market cap.
The boards of HDFC and HDFC Bank approved the merger between the two institutions, creating the world's fourth-biggest bank by market value behind bulge-bracket Wall Street lender JP Morgan, China's ICBC and Bank of America. The merger takes effect Saturday. The combined market cap of all HDFC listed entities currently is about $200bn.
All share and warrant holders of HDFC as of July 13 would be eligible for HDFC Bank stock. HDFC Bank will issue and allot eligible shareholders 42 new equity shares for every 25 held by investors in HDFC as on July 13.
"This is a defining event in our journey and I'm confident that our combined strength will enable us to create a holistic ecosystem of financial services. As we navigate the path ahead, we will embrace challenges as opportunities, learn from our experiences, and strive to be the benchmark of success and integrity in the financial services industry," Sashi Jagdishan, HDFC Bank CEO.
Evergrande to sell insurance arm atake to State-backed firm.
China Evergrande Group plans to sell its insurance unit to a state-backed company, marking the latest disposal by the defaulted property giant.
An unidentified state-owned entity in Shenzhen is poised to take over Evergrande Life Assurance and is in discussions to rename it Hai Gang Life Insurer. Details of the transaction, including the pricing and ultimate ownership structure, are yet to be finalized. Evergrande currently owns 50% of the life insurer.
Evergrande sits at the center of a credit crisis that has rippled through China’s real estate sector and curtailed growth in the world’s second-largest economy. The debt-laden developer has offloaded a range of assets, including trophy land parcels and stakes in other financial institutions.
BYJU'S looking to dilute stake in Aakash.
Embattled Indian edtech startup BYJU’S is looking for investors to sell a part of its stake in the educational institute Aakash Education Services.
BYJU’S holding company, Think and Learn, is looking to dilute up to 20% of its total 70% equity stake in Aakash Education. The talks with prospective investors are early and preliminary.
The reported plans of stake offloading come as a sharp contrast to the edtech's earlier plans of listing Aakash Education through an IPO by mid-2024.
Gaw Capital to bet on private credit with $3bn real estate fund. (FS)
Gaw Capital Partners, a real estate private equity firm run by one of Hong Kong’s richest families, has achieved $3bn in the final close of its latest flagship real estate fund for Asia Pacific.
Gateway Real Estate Fund VII, the seventh installment of its opportunistic real estate fund, announced the first close at $1.2bn in November 2021. Similar to its predecessors in the same fund series, the vehicle will invest in office, retail, hospitality, industrial, Internet data centres, life science properties, as well as private credit and thematic platforms across the Asia-Pacific region, including Greater China, Japan, South Korea, Southeast Asia, and India, DealStreetAsia reported.
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