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Jul 16, 2014

Exclusive – Red flags: Alibaba’s Ma and Ma’s private equity firm

HONG KONG/BEIJING (Reuters) – When a fast-growing private equity firm co-founded by Jack Ma sought funding from institutional investors for the first time in early 2013, almost all had one major concern, its chairman said: was the firm independent from Ma, the influential executive chairman of Alibaba Group Holding, China’s e-commerce giant.

The investors were worried that Yunfeng Capital might not put their interests first, said David Yu, a long-time friend and business associate of Ma, speaking to Reuters in a rare interview at his Hong Kong office on July 3.

Jul 16, 2014

Red flags: Alibaba’s Ma and Ma’s private equity firm

HONG KONG/BEIJING, July 16 (Reuters) – When a fast-growing
private equity firm co-founded by Jack Ma sought funding from
institutional investors for the first time in early 2013, almost
all had one major concern, its chairman said: was the firm
independent from Ma, the influential executive chairman of
Alibaba Group Holding, China’s e-commerce giant.

The investors were worried that Yunfeng Capital might not
put their interests first, said David Yu, a long-time friend and
business associate of Ma, speaking to Reuters in a rare
interview at his Hong Kong office on July 3.

Jul 9, 2014

Strong Luye Pharma debut boosts prospects for ‘China orphan’ firms

HONG KONG, July 9 (Reuters) – Shares in China’s Luye Pharma
Group Ltd jumped 15 percent in its Hong Kong market
debut on Wednesday, bolstering prospects for other so-called
“China orphan” firms that had been previously listed elsewhere.

So-called “China orphans” are companies that had been listed
in either New York or Singapore and were taken private with the
hope of relisting either in Hong Kong or China, where demand for
Chinese firms is seen as more vibrant.

Jul 7, 2014

Morgan Stanley private equity arm raises $1.7 bln Asia fund

HONG KONG, July 7 (Reuters) – Morgan Stanley said its
Asia private equity unit has raised $1.7 billion in its fourth
Asia fund as it seeks investment opportunities in China and
South Korea.

The fund, Morgan Stanley Private Equity Asia IV LP, has
already made two investments from the new fund, and raised more
capital than initially targeted, the Wall Street bank said in a
statement on Monday.

Jun 20, 2014

TPG, Carlyle eye $2.4bln IPO for Australia’s Healthscope -source

HONG KONG, June 20 (Reuters) – Buyout firms TPG Capital and
Carlyle Group are targeting a $2.4 billion initial public
offering of shares in Australia’s Healthscope Ltd as their
most-favoured option for the country’s second-biggest private
hospitals operator, a source with direct knowledge of plans told
Reuters.

Amid a banner year for Australian IPOs, stoked by Sydney’s
buoyant stock market, a listing of that size would be the
country’s third-largest ever, according to Thomson Reuters data.
It would also underline the growing appeal of the sector a
country where healthcare spending is growing over 8 percent
annually, according to Healthscope.

Jun 20, 2014

TPG, Carlyle seek about $2.4bln in Australia Healthscope IPO-source

HONG KONG, June 20 (Reuters) – Private equity firms TPG
Capital and Carlyle Group are planning to raise about
A$2.5 billion ($2.4 billion) in an initial public offering of
shares in Healthscope Ltd, Australia’s second-biggest private
hospitals operator, a source with direct knowledge of the plan
told Reuters.

Amid a banner year for Australian IPOs, Healthscope’s owners
are on a roadshow in Asia, lining up cornerstone investors
before filing the IPO prospectus by end-June or early July, the
person said.

Jun 20, 2014

Exclusive: TPG, Carlyle seek about $2.4 billion in Australia Healthscope IPO – source

HONG KONG (Reuters) – Private equity firms TPG Capital and Carlyle Group CG.O are planning to raise about A$2.5 billion ($2.4 billion) in an initial public offering of shares in Healthscope Ltd, Australia’s biggest private hospitals operator, a source with direct knowledge of the plan told Reuters.

Amid a banner year for Australian IPOs, Healthscope’s owners are on a roadshow in Asia, lining up cornerstone investors before filing the IPO prospectus by end-June or early July, the person said.

Jun 18, 2014

Private equity buyouts in Asia take old risks with new money

HONG KONG (Reuters) – A little over a month ago, a Texas power utility at the center of the biggest leveraged buyout in history filed for bankruptcy, sunk by billions of dollars of debt that it took on after being acquired by a trio of top private equity names in 2007.

The failure of Energy Future Holdings, known as TXU Corp when it was acquired at the height of the mega-buyout boom, is a sobering reminder to investors in private equity funds that heavily leveraged deals can – and do – go wrong.

Jun 13, 2014

TPG agrees to buy Australia property services firm DTZ for $1.1 bln-source

HONG KONG, June 13 (Reuters) – A TPG Capital Management-led
consortium has agreed to buy the property arm of Australian
engineering services firm UGL Ltd for A$1.215 billion
($1.14 billion), a source told Reuters on Friday.

UGL put the unit DTZ, a real estate services company, for
sale to cut debt as its main engineering services division faces
declining revenues due to a slowdown in the Australian mining
sector.

Jun 13, 2014

Bain sues EY over $60 mln loss in Lilliput Kidswear

HONG KONG/MUMBAI (Reuters) – Global private equity firm Bain Capital Partners LLC is suing EY in a United States court, claiming that the auditing firm cost it roughly $60 million by advising it to invest in Lilliput Kidswear, a children’s clothing company in India.

Bain alleges that it invested around $60 million in Lilliput in May 2010 for a non-controlling 30.99 percent stake, based on false financial statements that EY, previously known as Ernst & Young, had audited and certified, according to a copy of the lawsuit seen by Reuters.