The implications of the global financial meltdown have not dampened the spirits of South Korean private equity fund managers, who now anticipate a friendlier reception and increased dealflow. Siddharth Poddar reports.
“A market vastly in favour of the financier CITIC Capital is part of CITIC Group, the largest financial conglomerate in China. Here Emil Cheung, managing director and head of mezzanine and debt finance at CITIC Capital, discusses the outlook for his business in Greater China today.
Fundraising: difficult year ahead, but medium term outlook promising * HSBC (Asia) doubles previous fund size IL&FS closes short of target * Unitas Capital closes $1bn short of target * QInvest launches PE fund, puts joint fund on hold * Daiwa abandons ¥500bn fund plans * Haitong teams with Fortis on RMB 3bn fund * Report: RMB 1bn VC fund launch * Rasmala holds $120m first close * Partners Group raises $1.1bn for Asia-Pacific * Report: SAIF Partners raises RMB 1.6bn fund * Mayfield raises $111m for India * Direct Capital launches NZ$250m fund * Hangzhou provides incentives for PE * PE may get to invest in foreign retailers operating in India * * * * * *
Crisis translates into job cuts * Co-head of Permira's Japan office leaves * Morgan Stanley lays off Asia PE banking and China property heads * KKR hires two in Australia Tasman appoints CFO * EMP Global names two MDs for Asia * Citi appoints new Asian private equity banking head * Morgan Stanley AIP opens Hong Kong office * TVM Capital promotes two venture partners * BerchWood plans push into Asia, augments London team * Bohai fund appoints CEO * CP Eaton appoints a vice president * KPMG appoints PE head for Asia-Pacific * Barclays Capital Japan hires two ex-Lehmans PE bankers
Indian PE investments halve in 2008 * CDH, Goldman invest $100m in solar company * CHAMP spends A$150m on equipment finance * IDFC PE backs cable manufacturer * PE landscape expected to change in UAE * MSPE Asia invests $38m in Indian castor oil * Blackstone invests in Indian seed company * Daewoo Electronics sale abandoned
With many global banks cutting back on leveraged finance activities in the Asia-Pacific region, it would be easy to assume the buyout market is grinding to a halt. But in fact, while mega-buyouts are out of the question, the small- and mid-market segments are alive and well – or will be once purchase prices come down. Jenny Blinch reports.
Buyouts in China are still elusive, but Hony Capital has amassed a portfolio of 25 control investments already. Chinese institutions and international blue-chip limited partners make up an illustrious funding base. Philip Borel asks founder John Zhao how he did it all.
Contestant: Susan Mangiero, Managing member, Business Valuation Analytics Member, National Association of Certified Valuation Analysts Not being too familiar with derivative instrument pricing and default risk analysis, a company hires an expert to investigate whether the swaps reflect a hedge versus a market bet and to further assess how the company should adjust the valuation of its equity stake. What does the expert need to look at and how should she arrive at an appropriate conclusion?
In the second in a two-part series on debt buybacks, Steven Bortnick, Bradley Boericke and Timothy Leska explore the tax implications of structuring a debt purchase. In our January issue, they examined the legal implications.
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