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Weekly Asia News (Friday)

Duet partners with Cairo investment bank CI Capital to launch Egypt PE fund

Egyptian investment bank CI Capital Holding (CICH) and alternative asset manager Duet Group have launched the Duet-CIC Egypt Opportunities Fund to invest in the Egyptian economy. The partners believe that Egypt will position itself as the region’s leading investment destination in the medium-to-long term and have agreed to launch a

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IDG Capital Partners closes USD586m China-focused tech VC fund

IDG Capital Partners has closed a USD586 million fund, IDG China Venture Capital Fund IV, focused on making early-stage technology, media and telecom (TMT) investments in China. “We are thrilled to announce the close of IDG China Venture Capital Fund IV and to continue our long history of investing in

First Reserve forms partnership with Hainan Zhenghe Industrial Group

Energy-focused private equity firm First Reserve’s Fund XIII has entered into a strategic cooperation with Hainan Zhenghe Industrial Group. The parties plan to pursue oil and gas investment opportunities in China and Central Asia.   In addition, Zhenghe will act as a potential source of capital in support of First

Inovio Pharmaceuticals subsidiary sells animal health assets

VGX Animal Health, a 90 per cent-owned subsidiary of Inovio Pharmaceuticals, has sold its animal health assets to Plumbline Life Sciences (PLS) of Korea. The assets being transferred include an exclusive license with Inovio for animal applications of its growth hormone-releasing hormone (GHRH) technology and animal DNA vaccines plus a

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ADAM sees successful fund exits average near 30 per cent IRR

An investment fund into which AIM-quoted Adamas Finance Asia (ADAM) invested USD500,000 in early April has exited from a Chinese investment for the second time in four weeks, this time achieving an IRR of 27.26 per cent. The investment in both projects was made by the BRJ China Credit Fund

Dr BR Shetty teams up with Centurion for Travelex deal

Entrepreneur and philanthropist Dr BR Shetty is teaming up with equity partners associated with UAE investment firm Centurion Investments to acquire Travelex from Apax Partners. Following completion of the transaction Lloyd Dorfman will be founder and president of Travelex and remain a shareholder. Peter Jackson, chief executive officer of Travelex, together

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Auda opens Shanghai office

Private equity investment firm Auda has opened an office in Shanghai and appointed Jacob Chiu as a managing director and head of the firm’s Asian business. Shanghai will be the fifth office for Auda worldwide and the firm’s second in Asia.   Auda has had an office in Hong Kong

CVC Capital Partners acquires majority stake in The Executive Centre

Funds advised by CVC Capital Partners, in partnership with the existing management team, are to acquire a majority stake in The Executive Centre from Headland Capital Partners. Funds advised by Headland will retain a minority ownership in the business.   The Executive Centre, founded in 1994 by current chairman and

Neuberger Berman makes key client-facing appointments in Asia

Neuberger Berman Asia has appointed six marketing and sales executives in Asia, as the firm grows to meet client demand in the region. Marco Tang joins the Hong Kong office from Baring Asset Management as head of retail distribution for mainland China and Hong Kong.   Katherine Low, based in

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