Hints and tips:
...To date, it has largely steered clear of deals in China from its Asian infrastructure funds....
...said the head of one Sequoia LP, a sovereign wealth fund....
...He stepped down as a partner last year, shortly after the China separation was announced....
...After resigning in 2016, former prime minister and now foreign secretary David Cameron went to work for finance group Greensill Capital, and also tried (but failed) to set up a $1bn UK-China investment fund...
...Another wondered, “who’s going to blink first” on valuations, adding that LPs may soon start asking if “maybe we should sell these assets”....
...Among them were Canadian pension fund Ontario Municipal Employees Retirement System, as well as the Abu Dhabi and Chinese sovereign wealth funds....
...Additionally, limited partnership agreements seemed to indicate that Apollo should be paying expenses even as the funds and LPs were getting the bills at the time....
...The New York-based investor, which manages nearly $500bn in assets including a $15bn Asian private equity fund, wants to invest more of the group’s own balance sheet directly into Japan and fast-growing...
...Uncertainty around the order has curtailed American LP interest in China....
...Earlier this year, Carlyle began studying ways to sell its stake to large limited partners such as sovereign wealth funds, according to people familiar with the matter....
...PE giants Blackstone and KKR are also in the process of raising new flagship funds....
...Not so long ago western private equity fund managers would show off their ties to China Investment Corporation, China’s main sovereign wealth fund....
...the Chinese fund’s decision making and operations....
...Fund managers have cut their allocations to commercial real estate to their lowest level since the 2008 global financial crisis, according to Bank of America’s monthly fund manager survey....
...in talks for new $2.8bn fund, defying malaise (The Information) China’s billionaires back Xi Jinping’s plan to restore economy (FT) Investor group nears $125mn deal for CoinDesk (Wall Street Journal)...
...Time for a makeover Estée Lauder’s big bet on China has failed to pay off....
...The fund was meant, in theory, to keep the firm close to the best companies, benefiting founders and LPs alike....
...We’ve gathered more intel on how the “news hedge fund” will work....
...A few corporate buyers have helped private equity LPs this year....
...Due diligence gets complicated in China Xi Jinping’s number two Li Qiang has been on a charm offensive this year to persuade foreign investors to strike deals in China....
...LPs finding themselves overcommitted to the asset class on the tail-end of the decade-long boom are also selling stakes in large buyout funds in the secondaries market, selling at up to 20 per cent discounts...
...It comes as the fund seeks growth outside of China and at a moment of collapsing funding and falling valuations for private start-ups in the US....
...“Over the past couple of years Sequoia has faced a lot of pressure from the US side on its China business,” said one consultant to LPs in China....
...State-owned China Investment Corporation owns 49 per cent of Neptune, with private equity groups Carlyle and CVC Partners owning 30.6 per cent and 20.4 per cent respectively....
International Edition