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Weekly Asia News (Friday)

Hong Kong

Northern Trust expands fund admin services in Hong Kong

Northern Trust is expanding its fund administration and custody capabilities to support locally domiciled Hong Kong funds, including exchange-traded funds, as well as other regional investment funds.   For the newly launched service, Northern Trust will provide global sub-custody and fund administration services, including fund accounting and shareholder services, to

KKR to acquire Alliance Tire Group from Warburg Pincus

Investment firm KKR has entered into an agreement to acquire a controlling stake in Alliance Tire Group (ATG) from an affiliate of Warburg Pincus.   Yogesh Mahansaria, founder of ATG, will continue to maintain an ownership stake in the company and partner with KKR to continue to grow the business.

Japan flag

KKR appoints chairman and chief executive for Japan

Kohlberg Kravis Roberts has appointed Shusaku Minoda to chairman of KKR Japan from his position as managing director and chief executive officer. In addition, Hirofumi Hirano has been hired as the new managing director and chief executive officer of KKR Japan.   Hirano joins KKR from AlixPartners Asia where he

Indian PE deals decline by a third to USD1.85bn in Q1 2013

Indian private equity investments in Q1 2013 were recorded at USD1.8bn, a quarter less than the USD2.45bn worth of investments recorded during the corresponding period last year, according to VCCEdge’s latest Quarterly Deal Report.   Deal volume declined by a third as well, falling from 186 deals to 123 deals.

Great Wall of China

Advent International opens office in China

Private equity specialist Advent International has opened an office in Shanghai, China.   The office is led by Filippo de Vecchi, managing director and co-head of Greater China, and Andrew Li, principal and co-head of Greater China.   Advent China will provide local market support to existing global portfolio companies

Capital Dynamics and China’s Diligence Capital establish strategic cooperation

Capital Dynamics, a private asset manager, and Diligence Capital, a China-based RMB fund of funds manager, have established a strategic cooperation to capture regional investment opportunities on behalf of China’s rapidly growing pool of institutional investors and Capital Dynamics’ global investor base.   Capital Dynamics will formally adopt Diligence Capital’s

shaking hands

K&L Gates expands emerging growth and venture capital practice

The Palo Alto office of law firm K&L Gates has appointed Linda Zhou as a partner in the emerging growth and venture capital practice.   Zhou joins K&L Gates from Gunderson Dettmer Stough Villeneuve Franklin & Hachigian.   Along with venture capital investors and firms, Zhou advises start-up, emerging growth, and

Shoreline Capital closes Fund II at over USD300m

Chinese distressed debt and special situation investments specialist Shoreline Capital has closed its second fund at USD303m. The fund significantly surpassed the size of Shoreline’s first fund, which secured USD178.2m of commitments in 2008.   The firm has already invested over one third of the new fund’s committed capital.  

Clouds

Pluribus gets secures strategic investment from China Broadband Capital

Pluribus Networks, a specialist in hardware-accelerated network virtualisation for private and public cloud data centres, has secured investment form China Broadband Capital (CBC) in its Series C funding round.   This brings the total amount raised to date to over USD44m from investors including Menlo Ventures, New Enterprise Associates, and

Woman

Asia-based PE firms have highest proportion of women in senior roles

The proportional representation of women in high-level private equity roles is highest at Asia-based firms, according to a report from Preqin, with an average of 12.8 per cent of senior roles held by women at firms based in this region as of February 2013. This is higher than in North

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