Credit
2023 preview: Private debt
Asia-based private debt managers hope to take advantage of renewed LP appetite for the asset class, while enjoying higher returns driven by rising interest rates and widening spreads
KKR, Mubadala form $1b Asia credit partnership
KKR and Mubadala Investment – a sovereign investor controlled by the government of Abu Dhabi – have established a partnership through which they will co-invest in performing credit opportunities across Asia Pacific.
Alteria hits $125m first close on India venture debt fund
India-based venture debt investor Alteria Capital has announced a first close of INR 10bn (USD 125m) on its third fund, noting there is plenty of room for growth in a local VC ecosystem where debt accounts for less than 5% of all investments, compared...
BlackRock leads $300m investment in Indonesia's Traveloka
BlackRock has led a USD 300m investment in Indonesia’s Traveloka via a credit fund as expectations mount for an IPO by the travel platform.
Navis enters Asia credit space
Navis Capital Partners has launched a credit unit that will provide financing to companies in Asia that require growth capital but are reluctant to bring in equity investors.
Affirma targets Korea private debt, secondaries
Affirma Capital is expanding its Korean coverage with the launch of dedicated private debt and secondaries businesses following a relaxation in local regulations.
Blackstone boosts Asia credit coverage
The Blackstone Group has recruited Mark Glengarry, formerly of Anchorage Capital Group, as head of Asia Pacific origination for its credit business.
Asia credit: Shift in the cycle
Private debt investors in Asia are mindful of mounting global risks, but they also see opportunities emerging within the region across the capital structure
Hong Kong e-commerce financier secures $250m in debt funding
Hong Kong-based FundPark, a VC-backed liquidity provider for e-commerce merchants, has received an asset-backed securitisation (ABS) facility of up to USD 250m from Goldman Sachs.
CBC strikes China's first royalty-based biomedicine deal
R-Bridge Fund, a credit vehicle established by healthcare-focused private equity firm CBC Group, has completed what it claims is the first royalty-backed investment in China’s biomedicine space.
Vision Fund leads $144m round for Singapore lending platform
SoftBank Vision Fund 2 has led a USD 144m equity round for Singapore small business lending platform Funding Societies.
Key takeaways: Apollo Global Management’s Marc Rowan
High valuations, pursuing complexity, and eradicating write-offs were on the agenda when Marc Rowan, co-founder and CEO of Apollo Global Management, spoke at the AVCJ Forum. Here are some highlights
Apollo prioritizes yield, hybrid strategies in Asia - AVCJ Forum
Apollo Global Management’s yield and hybrid businesses – rather than private equity – are likely to account for the bulk of its activity in Asia, with Marc Rowan, the firm’s co-founder and CEO, saying he has no desire to “add to the growing...
Carlyle leads restructuring of Trans Maldivian Airways
The Carlyle Group’s credit platform has led a restructuring of Trans Maldivian Airways (TMA), a Bain Capital-owned seaplane operator whose fortunes are tied to those of the Maldives tourism industry.
Korea's IMM makes debut credit investment
IMM Private Equity has made the first investment under its newly launched credit strategy, picking up a 40% stake in SK Lubricants, which is controlled by Korean conglomerate SK Group, for KRW1.09 trillion ($984 million).
China direct lending: Creative credit
A combination of improved collateral, rising yields and robust demand is drawing investors to China’s direct lending space. Opportunities abound, but local execution remains critical
Ares & SSG: Scale proposition
The merger of Ares Management and SSG Capital is among the largest ever seen in Asian alternatives. They are now pushing into new markets and segments, leveraging the combination of size and local resources
Q&A: OMERS’ Ani Deshmukh
Ontario Municipal Employees Retirement System (OMERS) recently backed a spinout of Olympus Capital Asia’s credit team as Orion Capital Asia. Ani Deshmukh, a director with the Canadian pension fund, explains its regional strategy
Private equity & credit: Seeking synergies
GPs are placing greater emphasis on Asia private debt strategies to capture deals that don’t work as private equity. Much can be achieved by pooling ideas and resources, but collaboration isn’t as straightforward as it seems
China EV maker WM Motor gets $1.7b in debt financing
Chinese electric vehicle (EV) manufacturer WM Motor has secured RMB11.5 billion ($1.78 billion) in debt from domestic banks. It follows a RMB10 billion equity funding round featuring several government investors.
Deal focus: Olympus credit team spins out, gets OMERS backing
Olympus Capital Credit has rebranded as Orion Capital Asia, with OMERS replacing Olympus as the firm’s equity partner. The strategy is unchanged, with COVID-19 helping to drive deal flow
COVID-19 credit strategies must be flexible – AVCJ Forum
COVID-19 has emphasized the need for patience and mandate flexibility in private credit, industry participants told the AVCJ Forum.
India's Finova gets $55m in equity, debt funding
Finova Capital, an Indian small business lending start-up, has raised $55 million in equity and debt, including $35 million in equity from Sequoia Capital India and Faering Capital.
Singapore auto marketplace Carro raises $110m
Singapore used car marketplace Carro has raised S$150 million ($110 million) in debt and equity, including an unspecified equity contribution from Japan’s MS&AD Insurance and Mitsubishi Corp.
