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AMERICAS
KSL Capital, an investor in travel and leisure businesses, agreed to acquire Hersha Hospitality Trust, an owner of luxury and lifestyle hotels in coastal gateway and resort markets, for $1.4bn.
"Hersha and its team have built an impressive, curated portfolio of experiential luxury and lifestyle hotels and resorts in strategic markets. With KSL's extensive track record investing in high-quality assets in dynamic metropolitan markets across North America and around the world, we are uniquely suited to position the business for further success over the long term," Marty Newburger, KSL Partner.
Hersha is advised by Goldman Sachs, Hunton Andrews Kurth (led by James V. Davidson and Kate Saltz), Latham & Watkins, Venable and FGS Global (led by Stephen Pettibone). KSL is advised by Citigroup, Wells Fargo Securities, Miles & Stockbridge, Simpson Thacher & Bartlett and Joele Frank (led by Jonathan Keehner). Debt financing is provided by Citigroup and Wells Fargo Securities.
Triton International, a lessor of intermodal freight containers, announced that its shareholders have voted to approve the acquisition of the company by Brookfield Infrastructure Partners in a $13.3bn deal.
"This is another important step forward for our transaction with Brookfield Infrastructure, and we are pleased to have received overwhelming support from Triton's shareholders. We look forward to completing the transaction and marking the beginning of a new chapter for Triton," Brian M. Sondey, Triton Chairman and CEO.
The US Justice Department is urging regulators to take a closer look at Vistra's planned $3.43bn acquisition of a rival power producer because it may be anticompetitive.
The warning applies to Vistra's proposed takeover of Energy Harbor announced in March, a deal that would more than double its nuclear capacity, increase its natural gas operations and expand its retail customer base. The transaction is expected to close by year-end.
Energy Harbor is advised by Goldman Sachs, RBC Capital Markets, Dechert and Morgan Lewis & Bockius. Financial advisors are advised by Sullivan & Cromwell. Vistra is advised by Citigroup, Balch & Bingham and Latham & Watkins. Avenue Capital is advised by Kekst CNC.
One Rock Capital, a private equity firm, completed a $500m investment in BrightView, a commercial landscaping services company.
"One Rock's investment approach is centered on our capacity to deliver a broad range of operational and strategic resources to portfolio companies that are anchored by the expertise of One Rock's team of Operating Partners. We expect that our prior experience providing strategic and hands-on operational improvements to the businesses we've owned in the business and environmental services sectors will be additive to BrightView's and Dale's vision to generate returns for shareholders," Joshua Goldman, One Rock Partner.
BrightView was advised by Houlihan Lokey and Simpson Thacher & Bartlett. One Rock was advised by Mizuho Securities, Latham & Watkins and Prosek Partners.
L Catterton, a private equity firm that invests in all major consumer segments, agreed to acquire Thorne HealthTech, a science-driven wellness company, for $680m.
"This transaction is an excellent outcome for all of our stakeholders and marks the beginning of an exciting new chapter for Thorne. For over a decade, we have worked tirelessly to deliver on our mission to bring science-based solutions to the prevention space and empower consumers to live healthier lives longer. L Catterton has an impressive track record of fostering the growth and success of leading global consumer brands. Together with their deep expertise in the health and wellness industry, global reach, and extensive operational capabilities, I am confident L Catterton is the right partner to fuel Thorne's long-term growth," Paul Jacobson, Thorne Chairman and CEO.
L Catterton is advised by Bank of America and Kirkland & Ellis (led by Joshua Kogan, Marshall Shaffer, and Daniel Yip). Thorne HealthTech is advised by CG Sawaya Partners and Wilson Sonsini Goodrich & Rosati.
Morgan Stanley Infrastructure Partners, an infrastructure company, and Crowley, a maritime and logistics company, agreed to form joint venture Crowley Wind Services Holdings, to focus on building offshore wind farms. Financial terms were not disclosed.
"The partnership of our two companies will help lead the growth of the wind energy sector and provide clean, renewable energy for the US through high-quality maritime and logistics operations and services. Our collaboration will help create not just more value as a business, but cleaner, more sustainable energy for our communities," Bob Karl, Crowley Wind Senior Vice President and General Manager.
MSIP is advised by Credit Agricole and Kirkland & Ellis. Crowley is advised by DNB Bank and Vinson & Elkins.
PAI Partners, a pre-eminent private equity firm, agreed to acquire Alphia, a pet food co-manufacturer, from J.H. Whitney, a venture-capital firm. Financial terms were not disclosed.
"We are excited to announce our investment in Alphia, which represents our second platform in the US. We are committed to building the PAI franchise in the US and look forward to our continued growth and success in this market," Maud Brown, PAI Partner and Head of US.
Alphia is advised by Goldman Sachs. J.H. Whitney is advised by Gibson Dunn & Crutcher. PAI is advised by Weil Gotshal and Manges and ICR.
SK Capital Partners, a private investment firm focused on the specialty materials, chemicals, and pharmaceutical sectors, completed the acquisition of Isolatek International, a building materials company that provides fireproofing materials. Financial terms were not disclosed.
"We are excited to partner with SK Capital and look forward to this exciting new chapter for the Company. SK Capital is the ideal partner for Isolatek given its track record in the specialty materials market and differentiated industry insight. We plan to continue to invest in the business and deliver innovative solutions to protect people through our material technologies," Scott Schwartz, Isolatek CEO.
SK Capital was advised by Goodwin Procter and BackBay Communications (led by Jeremy Milner). Isolatek International was advised by Keating Muething & Klekamp. Debt financing was provided by Bank of America.
Macquarie, a global asset manager, and Ares, an alternative investment manager, completed a $600m investment in altafiber, a telecommunications service provider.
"Gigabit connectivity is essential to access educational, employment, and healthcare opportunities. Robust fiber networks are also powerful economic development tools for business attraction and retention in growing municipalities. The combination of our operational expertise and this new funding will allow us to continue to invest in fiber, expand our geographic reach, and help to create digital equity in many rural and suburban communities," Leigh Fox, altafiber President and CEO.
Bain Capital Ventures, a venture capital firm, led a $100m Series D round in Apollo.io, a go-to-market sales platform that turns prospects into customers, with participation from Sequoia Capital, Tribe Capital, and Nexus Venture Partners.
“Tim and the Apollo team have built a remarkable B2B platform that we believe will redefine the next generation of go-to-market sales. Once companies experience Apollo’s buyer database coupled with powerful automation tools for lead generation and beyond, they’re hooked. We see the company providing the foundation for GTM teams everywhere in the future, driving direct sales at an unprecedented scale," Merritt Hummer, Bain Capital Ventures Partner.
Grupo Globo, a media conglomerate, completed the acquisition of a minority stake in Eletromidia, an out-of-home media company, from HIG Capital, a global alternative investment firm. Financial terms were not disclosed.
"This acquisition takes Globo closer to a highly complementary segment of its advertising market. We are impressed with the digitalization evolution which Eletromidia has undergone. The company is well positioned and has a strong synergy with Globo's business portfolio," Paulo Marinho, Globo CEO.
France’s Pinault nears $7bn deal for talent agency CAA.
French billionaire Francois-Henri Pinault is close to a $7bn deal to buy a majority stake in Creative Artists Agency, the Hollywood talent giant that’s home to actor Brad Pitt and basketball’s Chris Paul, Bloomberg reported.
Pinault, whose family controls a luxury goods empire, is seeking the majority stake held by private equity firm TPG. Temasek, the Singapore government’s investment firm, may also increase its stake in CAA by buying out China’s CMC Capital. While the deal could fall apart, the parties are expected to conclude negotiations in the next couple weeks.
Crescent Energy in talks to sell North Dakota assets to Kraken Resources for $500m.
Crescent Point Energy would sell its North Dakota assets to Kraken Resources for $500m in cash, as the Canadian oil and gas producer looks to repay its debt.
Kraken Resources is a portfolio company of alternative asset manager Kayne Anderson Capital Advisors, focusing on drilling and development opportunities in the Williston Basin of Montana and North Dakota, Reuters reported.
Einhorn’s Greenlight to reap big gains on Black Knight bet.
Hedge fund manager David Einhorn bet big that Intercontinental Exchange would succeed in taking over mortgage software company Black Knight despite US antitrust opposition, and his wager is set to pay off, Bloomberg reported.
Greenlight Capital, Einhorn’s firm, has reaped more than $20m on the trade since the end of June. The fund manager said that it had bought shares of Black Knight, and it had added to its position, bringing its holdings to around 1.34m shares.
Goldman’s GreenSky sale enters homestretch with PE giants in mix.
Goldman Sachs' sale of consumer lending unit GreenSky is entering the final stretch with groups featuring Apollo Global Management, Pagaya Technologies and Sixth Street working on what’s poised to be their best and final offers, Bloomberg reported.
The bank has asked suitors to submit a third round of offers in early September. Apollo has been partnering with Blackstone on a proposal. Sixth Street is working with a number of parties on their offer.
BlackBerry draws takeover interest from Veritas Capital.
Private equity firm Veritas Capital is considering a potential offer for BlackBerry, after the once iconic Canadian technology company announced a strategic review earlier in the year.
Veritas is interested in acquiring all of the company. Talks are early and Veritas could still change its mind on an offer, while other suitors are also interested in the whole or parts of BlackBerry. BlackBerry had said in May it would consider strategic options for its portfolio of businesses that could include the possible separation of one or more of its businesses.
"Although we expect achievement of this plan to deliver significant shareholder benefits, we do not believe that this is fully reflected in the market's current valuation of the company. Accordingly, the Board and management believe it is an appropriate time to initiate a comprehensive review of the company's portfolio," John Chen, BlackBerry Chairman and CEO.
Billionaire Thomas Tull is in talks to increase stake in Steelers.
Billionaire Thomas Tull is vying against rival bidders as he seeks to increase his ownership in the NFL’s Pittsburgh Steelers by acquiring a small stake from sports investors Josh Harris and David Blitzer, Bloomberg reported.
Harris and Blitzer bought a stake of less than 5% in the team in 2020. They’re exploring a sale after a group led by Harris won the auction for another team in the league, the Washington Commanders, earlier this year. NFL rules mandate that a majority owner can’t hold an interest in another franchise.
Fight over Sculptor hedge fund sale entwined in Daniel Och’s tax affairs.
Sculptor Capital Management explicitly warned investors ahead of its 2007 initial public offering that “conflicts of interest” stemming from a complicated ownership structure could one day pit the hedge fund’s billionaire founder Daniel Och against public shareholders, FT reported.
That theoretical tension has turned very real in recent weeks as Sculptor — worth $12bn when it listed — aims to sell itself to real estate specialist Rithm Capital for a fraction of the sum.
Questa Capital closes healthcare venture fund at $397m.
Questa Capital, a venture growth equity firm, has announced the final close of Questa Capital Partners III with $397m of capital commitments, bringing the firm's aggregate committed capital to more than $1bn.
The Fund will invest selectively in a portfolio of growth companies in three healthcare sectors of focus: services, technology, and medical devices. The firm has an investment team of ten led by Founder Ryan Drant and Managing Partners Brad Sloan and Shawn Conway, and currently manages eighteen portfolio companies across its three healthcare sectors.
"We are extremely pleased to close on Fund III despite a challenging fundraising environment. We are both grateful for the strong interest and ongoing support from our existing investors, and pleased to be starting long-term relationships with a small group of exceptional new limited partners. We are honored to work closely with our portfolio companies, including marquee companies like Dispatch Health, Cortica, Medrio, and Calyxo. We are also energized by the opportunity set we see in the market, and look forward to continuing to build differentiated and high-growth healthcare companies in close collaboration with strong management teams. Questa will continue to partner with companies that share our vision and passion to improve clinical outcomes, efficiency, safety, and the patient experience to help address critical challenges in our healthcare system," Ryan Drant, Questa Founder and Managing Partner.
Questa Capital is advised by Gunderson Dettmer and Acalyx Advisors.
EMEA
The board of struggling Swiss asset manager GAM plans to step down after the failure of a takeover offer by UK rival Liontrust, leaving the company in the hands of the activist investors who disrupted the deal, FT reported.
The Swiss company said the activist group would propose new directors for election to the board at an extraordinary general meeting in September. It added that all of GAM’s board would recommend shareholders approve the election of the new candidates and would step down providing they secured election.
ARCHIMED, an investment firm, agreed to acquire Instem, an information solution and scientific insight services provider, for £203m ($256m).
"The offer from Bidco represents an attractive valuation and offers shareholders the certainty of cash today, while also fairly reflecting the exceptional quality of the Instem business, its people and its future prospects. Under Bidco's private ownership, without the costs and regulation of a listed company, Instem will be able to pursue its organic growth strategy, while benefiting from the expertise and capital to accelerate its successful acquisitive growth plan," David Gare, Instem Chairman.
GTCR, a private equity firm, completed the acquisition of Once For All, a compliance and supply chain management software provider, from Warburg Pincus, a global private equity firm, headquartered in New York City. Financial terms were not disclosed.
"Once For All has grown into a true market leader in the GRC space. We are excited to welcome David to the Company and believe he, along with the group of fantastic leaders at the Company today, are well positioned to accelerate the Company's growth trajectory," Mark Anderson, GTCR Managing Director and Head of Technology, Media & Telecommunications.
Nordson, an innovative precision technology company, completed the acquisition of ARAG Group, a provider of precision control systems and smart fluid components for agricultural spraying, for €960m ($1bn).
"For ARAG, this agreement is a confirmation of the extraordinary work of our founders and their own employees. Since the company was founded in 1976, we have been meeting the needs of customers industry with a broad offering of sprayer solutions.Now, as a new division of Nordson, we will be able to leverage our innovation capability and offer Precision Farming solutions at a greater number of customers, all over the world. It is a very exciting time for ARAG, for our employees and for our customers," Victor Gottardi, ARAG Vice President.
Asterion Industrial Partners, a private equity firm, agreed to acquire STEAG, an energy utility company, from KSBG, a business conglomerate, for €2.6bn ($2.8bn).
"Our firm is fully committed to the energy and heat transition and STEAG is very well positioned to be a very relevant player in Germany and Europe in this process towards cleaner, more competitive and reliable energies such as solar and wind power, while offering an interesting energy mix that is also supported by coal and gas to guarantee the viability of this transition. With the experience of Asterion's team in managing companies in green transformation, we are excited to work together to deliver on STEAG's decarbonization plans and create new, green jobs," Jesús Olmos, Asterion Industrial Partners CEO.
Cube Infrastructure Managers, an independent mid-market infrastructure investor, agreed to acquire Nordic business from Platinum Equity-backed Urbaser, a provider of communities with global waste management solutions, for €390m ($422m).
“We are very proud of the leading collection platform that we have created in the Nordics region with a strong management team in place. We believe that Cube is the right partner for the business in the region going forward. We will continue deploying capital in our core markets and it is exciting to lead Urbaser in this transformational journey investing in environmental solutions that drive real change towards a circular economy," Fernando Abril- Martorell, Urbaser CEO.
Urbaser is advised by JP Morgan and Latham & Watkins.
Pluralis, an investment company, completed the acquisition of an additional 20% stake in Gremi Media, a Polish media house, from KCI, an investment vehicle of Polish businessman and film producer Grzegorz Hajdarowicz. Financial terms were not disclosed.
The move is the latest in a series of investments in Poland's media market linked to Soros, who is a prominent supporter of liberal political causes.
Proxy adviser Ethos believes UBS should have spun off CS' Swiss business.
UBS should have spun off Credit Suisse's Swiss business, proxy adviser Ethos said, after Switzerland's No. 1 bank announced plans to fully integrate its former rival's home market business, Reuters reported.
"We are disappointed as the spin-off would (have) been a better option to avoid a major systemic risk for Switzerland, an important negative impact on employment and issues for the fair competition of the Swiss financial market," Vincent Kaufmann, Ethos Director.
I Squared in exclusive talks to buy Deutsche Bahn's Arriva.
I Squared Capital is in exclusive talks to acquire Deutsche Bahn's Arriva transport business, which operates London's iconic red double-decker buses.
The Miami-based infrastructure investment firm could finalize terms and financing as early as September. The deal could value Arriva at about €1.6bn ($1.7bn), Bloomberg reported.
Intesa in talks to buy Romania’s First Bank from JC Flowers.
Intesa Sanpaolo is in talks to buy Romania’s First Bank from its private equity owner, JC Flowers, Bloomberg reported.
The Italian lender is discussing terms of a transaction that could value First Bank at about €200m ($216m).
PIF-backed ADES announces plan for IPO.
Saudi Arabian oil and gas driller ADES, backed by the kingdom's sovereign wealth fund, announced plans to proceed with an initial public offering on the Saudi Exchange, DealStreetAsia reported.
ADES said the public share-sale comprises of 338m ordinary shares, resulting in a free float of 30% after the sale of a mix of existing and newly issued shares through a capital increase.
TPG nabs Warburg Pincus partner to head European buyouts. (People)
Private equity firm TPG has hired London-based Flavio Porciani from Warburg Pincus to lead the firm’s technology investments unit in Europe. The move, part of its TPG Capital buyout strategy, is part of a growing opportunity in the region for corporate carve-outs.
“Flavio joining us is a very natural fit because software is, along with healthcare, one of the two largest sectors that we have in TPG Capital from an activity standpoint, and he’s going to plug into the broader-theme efforts that we have in software,” Nehal Raj, TPG Co-Managing Partner ans Head of US Technology Investments.
APAC
PAG, an alternative investment firm focused on Asia Pacific, agreed to acquire a majority stake in Australian Venue Co, a food and beverage hospitality business, from KKR, a global investment firm. Financial terms were not disclosed.
"We are very pleased to partner with AVC, a proven market leader with an exceptional management team and great potential. Our goal is to work with strong businesses and help them become even stronger in Australia. AVC has created some of the most unique and iconic venues across Australia and New Zealand, and we are looking forward to supporting them on their next stage of growth," Lincoln Pan, PAG Partner and Co-Head of Private Equity.
PAG is advised by Bank of America, Ashurst and FTI Consulting (led by Shane Murphy). Debt financing is provided by KKR Capital Markets. KKR is advised by Jefferies & Company, Allens and Citadel Magnus (led by James Strong).
A buyer consortium offered to acquire Hollysys Automation Technologies, an automation control system solutions provider, for $1.55bn, with participation from Recco Control Technology, Dazheng Group, TFI Asset Management and Great Wall Capital.
"We are confident that the premium of our offer is extremely attractive to Hollysys shareholders and the proposed transaction delivers meaningful benefits to stakeholders of Hollysys. As a leading Chinese supplier of automation and IT solutions that operates in an increasingly complex global environment, we believe this transaction will best position the company strategically for long-term growth while simultaneously providing current shareholders with an attractive return on investment," Ke Lei, Recco Control Technology Director.
Recco is advised by Ubs, FTI Consulting and Okapi Partners (led by Chuck Garske and Bruce Goldfarb). The consortium is advised by Conyers Dill & Pearman, DLA Piper and Sullivan & Cromwell.
Cognex, an industrial machine vision company, agreed to acquire Moritex, a provider of optics components, from Trustar Capital, a private equity firm, for $275m.
"At Cognex, we provide manufacturers with the most advanced machine vision solutions. We have long admired, and sold, Moritex optics components as an important element of what we do. We often note that machine vision functions like the eye and brain of a human: Cognex vision systems are akin to the brain, and Moritex optics, the eye. Bringing these complementary technologies together will streamline the solution we provide our customers, enabling a more advanced and integrated offering. Expanding into the optics components segment with this acquisition will increase our served market and deepen our penetration of the Japanese machine vision market," Robert Willett, Cognex President and CEO.
Cognex is advised by Evercore.
StepStone Group, a private equity firm, led a $200m Series E round in Zepto, a 10-minute grocery delivery service provider, with participation from Goodwater Capital, Nexus Venture Partners, Glade Brook Capital and Lachy Groom.
The latest funding gives Zepto firepower in a highly competitive segment, where the company is jostling for position with the likes of Zomato-owned Blinkit, Swiggy Instamart and Tata-owned BigBasket. The company will primarily use the funds to invest in growth while going for operating profitability in the next 12-15 months.
Private equity firm 917Ventures, business conglomarate Ayala and mobility services provider Gogoro, agreed to form Gogoro Philippines, a joint venture to aid automobile battery swap technology in the Philippine transportation landscape. Financial terms were not disclosed.
"We are establishing a new smart electric transportation era in the Philippines. Gogoro Philippines, our joint venture with Globe's 917Ventures Inc. and the Ayala Group, continues our global mission to empower cities with intelligent, eco-friendly mobility solutions that are open and accessible. Together, we are focused on accelerating the mass market shift to smart electric mobility and battery swapping addressing the urban mobility energy demands in a safe, sustainable, and scalable way," Horace Luke, Gogoro Founder and CEO.
GLP offers China Logistics $7bn in assets to pick from.
GLP has made about $7bn worth of assets in China available for state-backed China Logistics Group to choose from as due diligence for a potential deal continues. The assets under review come from multiple funds and projects. The deal could see China Logistics Group take a controlling stake in a portfolio of GLP's assets in the world's second-largest economy, Bloomberg reported.
Singapore-incorporated GLP has faced credit downgrades since last year due to falling earnings, rising debt levels and concerns over corporate governance. S&P Global Ratings and Fitch Ratings have put the logistics property operator under negative rating watch, threatening its investment-grade status.
Augustus Global plans to build hydrogen plant in Indonesia.
Germany's Augustus Global Investment plans to invest $500m in Indonesia's Aceh province to build a green hydrogen plant next year, Reuters reported.
The planned facility would have an annual output capacity of 35k metric tons green hydrogen, hydrogen produced using renewable energy, according to CEO Fadi Krikor.
The company signed an initial deal with Indonesian state-owned fertiliser company PT Pupuk Indonesia and PT Pupuk Iskandar Muda and state utility company PT Perusahaan Listrik Negara for power supply and contruction site for the planned investment.
IFC mulls $150m investment in Vietnamese property developer BIM Land's bonds.
International Finance Corporation, a member of the World Bank Group, is weighing an investment of up to $150m in the sustainability-linked bonds of Vietnam's BIM Land Joint Stock and Thanh Xuan Joint Stock, DealStreetAsia reported.
IFC said about $100m of the said SLBs will be issued by BIM Land while Than Xuan Joint Stock Company will issue the other $50m. IFC is proposing to be the sole subscriber to the SLBs. BIM Land builds, sells, and operates properties like hotels, residences, and retail spaces in Vietnam that cater to both domestic and international tourists.
Tiger Global sells remaining stake in India's Zomato in $136m deal.
US-based private equity firm Tiger Global sold its remaining stake in Indian food delivery firm Zomato in a deal valued at INR11.24bn ($136m), Reuters reported.
The private equity firm sold 123.5m shares at INR91.01 ($1) per share through bulk deals, while Morgan Stanley Asia Singapore, Kotak Mahindra Mutual Fund, Societe Generale, BNP Paribas Arbitrage Fund were among buyers.
SoftBank sheds 1.17% stake in Indian food delivery firm Zomato in $115m deal.
SoftBank Vision Fund sold a 1.17% stake in Indian food delivery firm Zomato in a deal valued at $115m. The venture capital fund, part of Japan's SoftBank Group, sold 100m shares at $1.14 apiece in bulk deals.
International Monetary Fund, Morgan Stanley Asia Singapore, Societe Generale, Goldman Sachs, Invesco Mutual Fund, and Kotak Mahindra Life Insurance were among those who bought Zomato shares, DealStreetAsia reported.
Sogo & Seibu sale to go ahead, triggering rare workers' strike in Japan.
Seven & i will sell department store unit Sogo & Seibu on September 1, triggering a plan for a walk-out at a flagship store in what would be Japan's first major strike in decades. Japan-based Seven & i, operator of the world's largest convenience store chain, agreed last year to sell loss-making Sogo & Seibu to US fund Fortress Investment Group, but the deal has been delayed amid opposition from workers, Reuters reported.
The union intends to carry out its threat for a strike at the flagship Seibu Ikebukuro store in Tokyo on August 31. Labour disputes are extremely rare in Japan, and strikes even more so. The last time workers walked out on a major department store was 61 years ago, and for less than a day.
Adani family's partners used 'opaque' funds to invest in its stocks.
Millions of dollars were invested in some publicly traded stocks of India's Adani Group via "opaque" Mauritius funds that "obscured" involvement of alleged business partners of the Adani family, the Organised Crime and Corruption Reporting Project, Reuters reported.
The non-profit global network of investigative journalists said two individual investors - Nasser Ali Shaban Ahli from Dubai and Chang Chung-Ling from Taiwan - with "longtime business ties" to the Adani family used such offshore structures to buy and sell Adani shares.
Narayana hires Barclays to arrange $169m buyout loan.
India’s education-focused Narayana Group has mandated Barclays as the sole arranger of a loan worth around $169m to buy out minority shareholders in unit Nspira Management Services.
The minority shareholders are Morgan Stanley Private Equity, which holds a stake of around 19% in Nspira, and BanyanTree Finance that owns less than 5%, Bloomberg reported.
South Korea mulls $10.7bn investment in Korean startups to create global unicorns.
The South Korean government is stepping up investments in startups as it seeks to create global unicorns set up by Koreans, DealStreetAsia reported.
The plan is to inject a total of $10.7bn into Korean-owned and Korea-based startups through private venture funds by 2027.
Hillhouse targeting over $1.4bn for new renminbi healthcare-focused fund.
Private investment firm Hillhouse Capital is looking to raise over $1.4bn from Chinese investors for a new renminbi fund which will focus on investments in the healthcare sector.
The decision to focus fundraising on domestic investors comes as ongoing geopolitical tensions between Beijing and Washington have led to a steep decline in dollar funding for Chinese investments.
Singapore's Vertex Growth Fund bets on Japan's cloud software sector.
Singapore-based venture capital firm Vertex Growth Fund is looking to invest in more Japanese software developers as corporations in the world's third-largest economy increasingly embrace cloud-based services, DealStreetAsia reported.
Vertex Growth's general partner Tam Hock Chuanm noted that an untapped or under-tapped area in the country is software-as-a-service, which provides software such as accounting and human resources management via the cloud.
PE firms InvAscent, Quadria, Somerset Indus raising capital to invest in Indian healthcare.
Several private equity firms are in the market raising capital to ramp up investments in Indian healthcare, a sector that remains grossly underpenetrated. Healthcare-focused InvAscent, a backer of cancer care provider HCG and Ankura Hospital, is understood to have raised $150m so far for its fourth investment vehicle, joining Quadria Capital and Somerset Indus Capital Partners, both healthcare-focused firms, that are also on the road looking to close their funds, DealStreetAsia reported.
While InvAscent has set a target corpus of $300m-400m for its latest healthcare fund, Somerset Indus has already received soft capital commitments of $70m from existing limited partners for its third fund. Meanwhile, Quadria, headquartered in Singapore with an establishment in India, is looking at a size of $800m for its third fund focused on healthcare segments in developing Asia, excluding China.
Korea pension fund bets on private credit to fight global swings.
As stocks and bonds remain vulnerable to gyrations in global markets, one of South Korea’s major pension funds is betting big on alternative assets to boost returns, Bloomberg reported.
Government Employees Pension Service, with about $6bn in assets, plans to raise its investments in the category, that includes private credit and real estate loans, to 34% in the next four years from about 28% aimed for this year, said CIO Baek Joohyun.
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