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Asia watch, Jan. 22, 2007

Nepal launches incubatorFortune Cookie Ventures, operator of Nepal’s first incubator and venture firm, unveiled itself last week.

Fortune Cookie is a joint venture set up by entrepreneurs from Nepal and Intelligent Capital, a Kuala Lumpur-based early stage venture firm.

Fortune Cookie will provide incubation and invest $1.4 million in Nepal’s tech sector over the next two years.

Korean bank creates PE fund

The Korea Development Bank plans to create a private equity fund this year to assist merger and acquisition deals of venture-backed companies.

To raise capital for the fund, the bank is discussing terms with institutional investors, but did not identify who or where they will come from.

The fund has an initial target of $32 million.

Ignition invests in Yeelion

Yeelion Inc.

, a Beijing, China-based company focused on personalized digital information, has raised $5.5 million in Series B funding, according to a regulatory filing. Shareholders include Ignition Partners, Qi Ming Venture Partners, QuiJia International and MingTech International.

Leung joins Blackstone

Anthony Leung

has joined The Blackstone Group as a senior managing director and chairman of the firm’s China efforts. He is the former financial secretary of Hong Kong and, before that, held positions with both JP Morgan and Citigroup. Leung will co-head a new Hong Kong office, alongside Ben Jenkins, who will relocate from New York.

Oaktree branches out with Parks

Ralph Parks

has joined Oaktree Capital Management as chairman of its Asia-Pacific operations. He previously was chairman and CEO of JPMorgan Asia Pacific. —PE Week staff