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Sequoia Capital India V Reaches a US$920 Million Final Close (Asia)
Venture capital firm Sequoia Capital has reached a final close for its latest India-focused fund, Sequoia Capital India V, with US$920 million in capital commitments. The fund, which will primarily target companies in India, also includes a minority allocation to Southeast Asia. Institutional investors committed US$875 million to the fund, with a GP commitment of US$45 million rounding out the… Read More
Qiming Venture Fund V Reaches a US$648 Million Final Close (Asia)
China-focused venture capital firm Qiming Venture Partners has reached a final close for Qiming Venture Fund V with US$658 million in capital commitments. Investors in the fund included United States-based university endowments Princeton University, Duke University and Massachusetts Institute of Technology; United States-based private foundations the Robert Wood Johnson Foundation, the Mayo Foundation, Commonfund and the Dietrich Foundation; and global… Read More
Nexxus Capital Completes Its Acquisition of IRCC (Latin America)
Nexxus Capital has completed the acquisition of Mexico-based multi-brand restaurant platform Invesionistas en Restaurantes de Carnes y Cortes (IRCC). The acquisition was funded through a capital increase in diversified platform Taco Holding by Nexxus VI and Nexxus VI Trust, funds managed by Nexxus Capital. Taco Holding is a portfolio company of Fideicomiso Nexxus Capital IV and Nexxus Capital Private Equity… Read More
InvAscent Invests in Sandor Medicaids; Sells Stake in Dr. Agarwal’s Healthcare to ADV Partners(Asia)
India-focused private equity firm InvAscent has invested INR600 million (approximately US$8.8 million) in India-based medical device and pharmaceutical distributor Sandor Medicaids. The transaction, which included convertible and non-convertible notes, was composed of a primary issue of shares and a secondary purchase from Somerset Indus Capital Partners, a private equity firm focusing on healthcare in India. InvAscent structured the transaction through… Read More
Verod Capital Growth Fund II Reaches a US$115 Million Final Close (Sub-Saharan Africa)
Nigeria-focused private equity firm Verod Capital has reached a final close for its second fund, Verod Capital Growth Fund II, with US$115 million in capital commitments, exceeding its US$100 million target. Investors in the fund included fund of funds, asset managers, sovereign wealth funds, pension funds, family offices and development finance institutions. The fund has already invested more than 25… Read More
KKR Sells Its Remaining Stake in Masan Consumer to Parent Company Masan Group (Asia)
Global investment firm KKR has sold its remaining stake in Vietnam-based food and beverage company Masan Consumer to parent entity Masan Group. Masan Group’s agreement with Thailand-based beer producer Singha Asia to create a combined food and beverage platform facilitated KKR’s exit. KKR reportedly generated a return of more than 2x on its investments, which included a US$159 million investment… Read More
The Tigris Water Fund Reaches a First Close with US$110 Million in Capital Commitments (Asia)
The Tigris Water Fund, an Asia-focused growth capital fund co-managed by global infrastructure firms Odyssey Capital and Macquarie Capital, has reached a first close with US$110 million in capital commitments. Investors included development finance institution FMO, Japanese-based engineering consulting company Nippon Koei and Eastspring Investments, the Asian asset management business of Prudential. The Tigris Water Fund, which has a target… Read More
Convergence Launched as a Deal Sourcing Platform for Blended Finance Investments
Convergence, a deal sourcing platform for blended finance investments, was launched in January 2016. The platform, which has funding from the Government of Canada and Citi Foundation, intends to connect private, public and philanthropic investors with one another for co-investment opportunities in blended finance deals in emerging and frontier markets. Convergence will also provide grants to finance the design of… Read More
SI Ventures, Digital Media Partners and 500 Startups Participate in a Series A Round (Asia
LeapFrog Investments Acquires a Majority Stake in UT Life Insurance Company (Sub-Saharan Africa)
Emerging markets financial services investor LeapFrog Investments has acquired a majority stake in Ghana-based life insurance provider UT Life Insurance Company (UT Life). UT Life operates nine branches across Ghana. Financial details of the transaction were not disclosed. Read More
Proterra Investment Partners Agrees to Invest US$45 Million in Future Consumer Enterprise (Asia)
Global asset management company Proterra Investment Partners, formerly known as Black River Asset Management, has agreed to invest US$45 million for a combination of compulsorily convertible debentures and equity shares in India-listed Future Consumer Enterprise, the food and consumer goods arm of Future Group. The transaction was structured through Black River Food Fund 2. Future Consumer plans to use the… Read More
Schulze Global Investments Acquires Stake in Ethiopia-based Dairy Producer MB (Sub-Saharan Africa)
Frontier markets-focused private equity firm Schulze Global Investments has acquired a 45 percent stake in Ethiopia-based dairy producer MB, which operates the brand Family Milk. With Schulze Global Investment’s support, MB intends to expand its Family Milk brand. Financial details of the transaction were not disclosed. Read More