Hsiang-Ching Tseng
The firm has agreed to purchase 74.67% of the JASDAQ-listed cosmetics vendor from parent Avon for $90m. It has offered to acquire the remaining 25.33% from shareholders.
The $300bn Chinese sovereign wealth fund has set up a Hong Kong subsidiary to expand its investment overseas.
Benjamin Cheng, who focuses on the firm’s investment in China’s consumer sector, will leave after one last exit, according to reports.
The US bank has put a total of $570m of investments with buyout firm CVC Capital Partners for sale on the secondaries market, reportedly including $250m of investments in two CVC Asia funds.
The Chinese firm, led by Fang Fenglei, is reportedly winding down after just one fund as two of the three founding partners plan their retirement.
The firm has hired Tze Ching Chan to support its investment activities in Asia’s financial services sector.
The Swiss fund of funds manager has secured ex-AI Capital head Kazushige Kobayashi to lead its second office in Asia.
The firm has acquired a minority stake in Nobao Renewable Energy, a Shanghai-based energy efficiency technologies provider, marking its third transaction in China.
Under a pilot programme launched by the Shanghai government, qualified foreign limited partners will be able to commit up to 50% of one onshore fund’s capital. Beijing and Tianjin are also said to be awaiting approval for the same programme.
The China-focused firm will become the largest shareholder of the Singapore-listed medical device manufacturer, acquiring a 29.47% stake for about S$283.8m.