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Private equity and venture capital news from China

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• Global Environment Fund taps Chinese wind energy market 23 Feb 2010. Source: AltAssets. Clean energy-focused private equity firm Global Environment Fund (GEF) has invested $30m in UPC Renewables to develop wind energy projects in China.

• KKR, TPG team up to take CICC off Morgan Stanley’s hands 23 Feb 2010. Source: AltAssets. US buy-out groups KKR and TPG are close to acquiring Morgan Stanley’s $1bn stake in China International Capital Corp, according to reports.

• China Investment Corp agrees to invest $1.5bn in secondary market 18 Feb 2010. Source: AltAssets. Sovereign wealth fund China Investment Corp will invest $1.5bn in private equity secondaries with three of the biggest specialists in buying second-hand fund interests, according to the Financial Times.

• Chinese bank to raise $500m for private equity fund 10 Feb 2010. Source: AltAssets. The investment banking and securities arm of one of China’s biggest lenders is looking to raise a China-focused private equity fund, according to reports. The BOCOM International division of Bank of Communications, China’s fifth-largest lender, is reportedly looking to raise between $250m and $500m for its debut private equity fund.

• CITIC Capital raises $925m for second Chinese buy-out fund 08 Feb 2010. Source: AltAssets. Private equity house CITIC Capital Partners - a division of China’s leading financial conglomerate, CITIC Group – has closed its second China buy-out fund on $925m.

• CIC takes position in previously closed Apax fund 03 Feb 2010. Source: AltAssets. Chinese sovereign wealth fund the China Investment Coporation has invested €685m into UK private equity firm Apax Partners’ €11.2bn buy-out fund, according to reports.

• PE firms queue for China’s top investment bank 02 Feb 2010. Source: AltAssets. Three US private equity firms are in the running to place final bids for Morgan Stanley's more than $1bn stake in China International Capital Corporation, according to Reuters.

• CITIC private equity division raises $1.3bn fund 27 Jan 2010. Source: AltAssets. The private equity division of leading China brokerage firm CITIC Securities has raised 9bn yuan ($1.32bn) for its first industrial investment fund, according to reports. The fund is the largest yuan-denominated fund of its type ever raised in the country.

• Chinese PE-backed companies have more positive social impact than listed firms 15 Jan 2010. Source: AltAssets. Private equity-backed companies in China are a strong source of economic performance and contribute to social development, according to a new survey that paints the effects of private investment in Asia’s most attractive deal destination in a positive light.

• Carlyle signs MOU for yuan-denominated fund 12 Jan 2010. Source: AltAssets. Carlyle is to make further inroads into China with the launch of a yuan-denominated fund. The US private equity giant has signed a memorandum of understanding with Beijing city authorities to establish a fund there, to be known as the Carlyle Asia Partners RMB Fund.

• ARC China partners with Westly Group on yuan-denominated private equity platform 12 Jan 2010. Source: AltAssets. ARC China holdings, a Hong Kong-based fund manager and merchant bank, is to partner with California venture firm the Westly Group to launch a yuan-denominated private equity platform. The fund management platform is to encompass a series of local yuan funds with public and private sector partners, and will target investments in entrepreneur-owned businesses.

• One Equity Partners in $70m China PIPE deal 07 Jan 2010. Source: AltAssets. One Equity Partners, the global private equity arm of investment bank JPMorgan, has agreed to invest in listed company China Medicine, marking the firm’s first investment in the country.

• PE firm teams up with China’s top search engine Baidu for online video venture 07 Jan 2010. Source: AltAssets. Baidu Inc, the market leading search engine in China, is joining media-focused private equity firm Providence Equity Partners to set up an online video channel, according to Reuters.

• Internet video site Youku.com sees $40m in latest venture round 21 Dec 2009. Source: AltAssets. Youku.com, China’s leading internet video website, has received $40m in private equity funding in a first tranche of a growth financing round.

• Carlyle’s China Pacific Insurance raises $3.1bn in IPO 18 Dec 2009. Source: AltAssets. US private equity firm Carlyle stands to make a five-fold return on its investment in life insurance company China Pacific Insurance as the company raises $3.1bn in year’s seventh biggest IPO, according to reports.

• AXA $1bn Taikang sale on ice amid new regulation fears 11 Dec 2009. Source: AltAssets. The auction for AXA’s stake in Chinese insurance company Taikang Life has been put on hold as a result of fears about new rules drafted by industry regulators.

• Adveq to form first fund of funds in China 09 Dec 2009. Source: AltAssets. Switzerland-headquartered private equity fund of funds manager Adveq Management and Dalian United Holding, a Chinese investment holding company based in Dalian, China, have formed the first non-government fund of funds in the country.

• CCB International to launch $1bn private equity fund in Hong Kong 09 Dec 2009. Source: AltAssets. CCB International, the investment arm of China Construction Bank, is nearing the launch of a $1bn private equity fund in Hong Kong that will invest in financial institutions, Reuters reports.

• CIC to take €800m stake in €11.2bn Apax buy-out fund 03 Dec 2009. Source: AltAssets. Chinese sovereign wealth fund the China Investment Corporation has offered to invest up to €800m in UK private equity firm Apax Partners' €11.2bn seventh buy-out fund, according to the Financial Times.

• China opens doors to foreign investors 02 Dec 2009. Source: AltAssets. The Chinese government is set to introduce a new regulation that will encourage and standardise the establishment of joint venture enterprises by overseas investors.

• Hony Capital sells Lenovo Mobile back to former parent company in $200m deal 02 Dec 2009. Source: AltAssets. China-focused private equity firm Hony Capital has sold Lenovo Mobile back to its former owner Lenovo Group for $200m.

• Origo takes 21 per cent stake in Asian mining company 30 Nov 2009. Source: AltAssets. Origo Sino-India and Origo Resource Partners have taken a 21 per cent stake in Asian mining company Gobi Coal and Energy for a total of $15m. Origo Sino-India invested $4.5m for a 6.4 per cent stake, and Origo Resource invested $10.5m for a 14.9 per cent share. Upon completion of the deal, OSI and ORP’s combined shareholding will be the largest equity stake in Gobi.

• Spring Capital Asia holds first close on $151m 30 Nov 2009. Source: AltAssets. Spring Capital Asia, a private equity firm investing exclusively in China and Hong Kong, has held the first closing of Spring Capital Asia Fund on $151m. The vehicle is targeting $200m to $250m.