EQT raises $700M China fund
Swedish private equity giant EQT Partners appears ready to close on about $700 million for a fund earmarked to acquire companies based in greater China.
This is the second China fund raised by Stockholm-based EQT, known best for its deals in Denmark, Finland, Germany and Sweden. The $322 million first fund, called ICP-Asia, launched in 1999, and owns cosmetics firm Global Beauty, according to EQT’s website.
An EQT spokesman deferred comment to the Hong Kong office, which did not return a call.
Telecom company raises $50M
China Communications Services Corp. Ltd., a provider of telecom support services in China, has received a $50 million strategic investment from Cisco Systems. CCS recently spun out from China Telecom.
India car maker revved upREVA Electric Car Company Pvt Ltd., an India-based electric car maker, has raised $20 million in new venture capital funding co-led by Draper Fisher Jurvetson and the Global Environment Fund. Edelweiss Capital advised REVA on the deal.
Solar company files IPOSolarfun Power Holdings Co Ltd., a China-based manufacturer of photovoltaic cells and modules, has filed for a $186.3 million IPO. It plans to sell 12 million American depository shares at between $11.50 and $13.50 per share, and to trade on the Nasdaq under ticker symbol SOLF. Goldman Sachs (Asia) is serving as lead underwriter. Shareholders include Citigroup Venture Capital, Hony Capital, LC Fund III and Good Energies Investments Ltd.
YouTube like company to launchYoqoo.com, a Beijing-based online video sharing and distribution platform, has raised $12 million in venture capital funding from Sutter Hill Ventures, Farallon Capital and Chengwei Ventures. The company will officially launch on Dec. 21. —PE Week staff