June 17, 2013 / 2:31 AM / 5 years ago

Asia Private Equity Weekly News, June 17, 2013

HONG KONG, June 17 (Reuters) - News and developments in Asia private equity from Reuters News for the week ending June 14.


CERBERUS CAPITAL Management LP publicly questioned the management of Seibu Holdings, hoping to garner support for its plans to shake up the board of the Japanese railway and property group at a shareholders meeting scheduled for later this month.

JPMORGAN CHASE & Co said its private equity unit, One Equity Partners, which manages $4.5 billion of investments, will become independent, as the largest U.S. bank increases its focus on client businesses.

KKR-BACKED Australian health services firm GenesisCare will launch a $275 million credit facility on June 18 to refinance debt and pay a dividend, Thomson Reuters LPC reported.

SHARE REGISTRY business Link Group, owned by Australian private equity firm Pacific Equity Partners, which last year failed in a bid to sell the business, has launched a A$710 million ($683 million) loan into syndication, Basis Point reported.


CHINA HARMONY Auto Holding, an auto dealership backed by private equity investors Morgan Creek and Legend Capital, saw its shares plunging as much as 16.5 percent on its debut, amid a slide in investor sentiment.

KKR-BACKED electronic parts maker Yageo Corp, which last year saw plans for a $1.6 billion management buyout blocked by Taiwan’s regulators, is seeking a loan of up to NT$7 billion ($235 million) to refinance debt, Basis Point reported citing sources.

A RENEWABLE energy fund financed by the Australian government is set to sign a deal to help New Zealand’s Meridian Energy increase its debt in a major wind project, freeing up more cash for the state-owned generator ahead of its planned IPO, three sources close to the deal said.

INDONESIAN CONGLOMERATE Bosowa Corp is set to be announced as the preferred buyer of a 30 percent stake in mid-size lender Bank Bukopin, worth about $250 million, two sources with direct knowledge of the auction said.

EREDENE CAPITAL Plc, an AIM listed investor in Indian infrastructure, said it had sold its stake in India port operations and marine services company Ocean Sparkle to Mauritius-based Infrastructure India Holdings Fund for 8.2 million pounds.


PROVIDENCE EQUITY Partners has lost another top executive in Asia, its fourth senior departure in the region since 2008, as it struggles with a limited supply of suitable investment targets and a shrinking volume of Asian private equity deals.

THE INVESTOR love affair with emerging markets may be gone, but several money managers aren’t completely abandoning the sector. Fund managers who viewed emerging markets as a single investment category now need to go through extreme due diligence to select each asset, sector or country in order to attain returns.


AUSTRALIA‘S VIRTUS Health Ltd became the first in-vitro fertilisation company in the world to list, hitting the boards at a 7 percent premium to its offer price and sparking hope of renewed life in the country’s stalled initial public offering market.

A COURT has ordered China’s Ambow Education Holdings Ltd into provisional liquidation, a move that could end months of wrangling between the CEO and external shareholders that include Avenue Capital, Baring Asia and Macquarie.


TWO THIRDS of private equity investors have made net returns of at least 11 percent over the lifetime of their portfolios, a survey from Coller Capital showed, with returns dropping since the financial crisis. ($1 = 29.8500 Taiwan dollars) ($1 = 1.0391 Australian dollars)

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