Asia Private Equity Weekly News, August 12, 2013
HONG KONG, August 12
HONG KONG, August 12 (Reuters) - News and developments in Asia private equity from Reuters News for the week ending August 9.
SINGAPORE TELECOMMUNICATIONS Ltd has received two offers for its Australian satellite business in the final round of bidding, including one from U.S.-listed Intelsat SA, three sources with knowledge of the matter said.
PRIVATE EQUITY probably offers North America's best investment opportunities at present, Canada Pension Plan Investment Board said, but investors are likely wrong to assume that global markets have returned to normal.
PRIVATE EQUITY-backed Ratnakar Bank said it will acquire Royal Bank of Scotland's Indian credit cards, mortgage and commercial banking portfolios.
PRIVATE EQUITY and credit investment firm Apollo Global Management LLC reported a tenfold increase in second-quarter profit as the value of its funds jumped, and announced its highest dividend since it went public in 2011.
NORTHSTAR GROUP, a private equity firm backed by TPG Capital , has led a management buyout of Singapore's biggest property broker, ERA Singapore Pte Ltd, its second buyout deal in Singapore in less than a year.
KKR & Co LP and TPG have been invited to bid for the Hong Kong supermarket business being sold by a company controlled by Asia's richest man Li Ka-shing, people familiar with the matter told Reuters.
IN A court case that could add a new risk factor to some private equity deals, the First Circuit Court of Appeals last month ruled in favor of the New England Teamsters and Trucking Industry Pension Fund, which argued that two investment funds managed by Sun Capital Partners were liable for $4.5 million in pension liabilities for Scott Brass Inc. The Sun Capital portfolio company went bankrupt in 2008.
U.S. INSURER American International Group Inc has extended the deadline for the sale of its $4.8 billion ILFC aircraft leasing unit to a Chinese consortium to Aug. 31, Basis Point reported citing sources.
CHINA-FOCUSED private equity firm Hao Capital said that, with co-investors WLR China Energy Infrastructure Fund, Qiming Ventures and Keytone Ventures, it participated in LP Amina's $20 million third round of growth capital financing, to be used to grow LP Amina's pollution control business and develop clean energy technologies.
INDIAREIT FUND Advisors, the real estate private equity arm of Piramal Enterprises, said it raised 3 billion rupees ($49.3 million) from domestic investors for a fund that will invest in redevelopment projects in India.
IN THREE years, global private equity firm KKR has provided over $1.5 billion in loans to companies in India, a business traditionally handled by state-owned and private sector banks. Encouraged by that success, KKR - which rose to prominence with its hostile $25 billion takeover of U.S. food and tobacco giant RJR Nabisco in 1989 - plans to expand the niche business in China and across Asia.
AVIVA PLC may pull out of its Indian insurance joint venture, valued at more than $500 million, as the British insurer retreats from less-profitable markets where it has struggled to expand, people familiar with the matter said.
EMERGING MARKET private debt fund manager Cordiant said it has committed $12.5 million to a $55 million loan to Lanka Orix Micro Credit, a Sri Lankan micro-leasing group. The loan, made in partnership with FMO, the Dutch development bank, was the first investment approved for Cordiant's new CELF IV fund. ()