Hsiang-Ching Tseng
In its third Asian deal, Permira has agreed an all-equity purchase of Citigroup Venture Capital International’s majority stake in Asian Broadcast Satellite.
The reported share sales give TPG a landmark return of roughly 16x on its original $150m investment in SDB.
The China-focused early growth investor had a $200m target for its maiden fund.
A temporary measure from the CIRC has lifted the restrictions on China’s insurance industry, allowing up to RMB226 billion in assets access to the local private equity industry for the first time.
The Chinese social networking provider has been sold to internet company Tencent for a reported $60m.
IDG Capital has reportedly invested $40m in the Chinese e-commerce company in yet another play on an internet-related business.
Only a day after news of its first RMB fund launch broke, TPG has confirmed it is launching a second, Chongqing-based vehicle, reportedly also with a $736m target.
TPG will join the ranks of other Western firms raising RMB-denominated funds, including Carlyle, KKR and Blackstone.
China Mining United Fund, based in Beijing, plans to invest in both onshore and offshore natural resources companies.
The two firms have reportedly been invited, along with Macquarie Group, to bid in the final round for MBK Partners-backed cable and broadband operator China Network Systems.