<tt id="6hsgl"><pre id="6hsgl"><pre id="6hsgl"></pre></pre></tt>
          <nav id="6hsgl"><th id="6hsgl"></th></nav>
          国产免费网站看v片元遮挡,一亚洲一区二区中文字幕,波多野结衣一区二区免费视频,天天色综网,久久综合给合久久狠狠狠,男人的天堂av一二三区,午夜福利看片在线观看,亚洲中文字幕在线无码一区二区

          Money

          Carlyle's China Pacific deal may be firm's best ever

          (Agencies)
          Updated: 2011-01-21 10:59
          Large Medium Small

          HONG KONG - The Carlyle Group's back-to-back sell-downs worth $2.6 billion of China Pacific Insurance (Group) Co, has put the US buyout fund on course for its best exit ever.

          As far as private equity deals go, the China Pacific transaction looks set to be not just Carlyle's biggest single profit on an acquisition, but among the biggest in the industry.

          Should China Pacific's stock remain steady, and Carlyle eventually sells out of its stake as expected, the private equity firm will have made a profit of around $4.4 billion, or six times its original investment.

          The profitable exit from China Pacific, while big, is unlikely to change much in terms of the industry's strategy. Asia is still a tough place for the industry to do business, given restrictions on lending and lingering aversion to foreign investors.

          "The relatively higher growth rates in Asia certainly gives potential for higher returns versus the mature markets," said Thomas Britt, a partner with law firm Debeoise & Plimpton LLP. "But private equity community is pretty careful out here. I don't think people will just go out and make aggressive investments," he added.

          Even for developed markets, it is rare for private equity funds to clock such huge gains. Even better for Carlyle though, is that it appears to be a text book private equity transaction in one of the toughest markets to operate.

          Carlyle bought into a struggling company, influenced change without much apparent trouble, held on for five years, and sold out through the public markets.

          "Carlyle are not insurance experts, but they are smart managers. They were willing to take the big risk, when some others were not," said Arjan van Veen, an insurance analyst with Credit Suisse. "This is what private equity business is all about and I would have liked to be in their shoes."

          Carlyle, like all big buyout firms, does not boast a perfect record, and has had its share of controversial and ugly deals. But this China purchase seems destined for the record books.

          The company declined to comment for this article.

          While there are a dozen or so large private equity exits on record since the credit boom, many involve several buyers and mounds of debt and few involve such a large sum of money coming back to a firm in raw profit.

          Carlyle's exit of HCR Manorcare, on paper, is listed at $6.1 billion, but that involves less gain, and more debt paydown. Carlyle didn't borrow money for the China Pacific deal.

          Other large exits in the record books may look good on paper, but they were massive headaches for the firms, and may have, in the end, been more trouble than they were worth.

          Since late December, Carlyle has raised $2.6 billion by selling 7.3 percent stake China Pacific Insurance -- the nation's third-biggest insurer -- after ploughing about $800 million between 2005-07 for a 17 percent stake.

          Carlyle's remaining 8.1 percent stake in China Pacific is worth around $2.6 billion, taking its potential exit size to $5.2 billion.

          Carlyle has reassured the market that it will not be selling any more shares of China Pacific for the next six months following the two sell downs.

          Big deals

          Globally, TPG Capital and GS Capital Partner's $28.1 billion sale of Alltel to Verizon Communications in 2008 was the biggest ever PE-based exit, according to market research firm Preqin.

          That transaction, however, involved a massive amount of debt and a profit, for the firms, of around $1 billion, according to reports at the time.

          Private equity exits in Asia has also been gathering pace in recent years. Just last year, TPG sold $2.4 billion worth of its Shenzhen Development Bank stake and Lone Star Funds recently agreed to sell a $4.1 billion controlling sale of Korea Exchange Bank .

          Related readings:
          Carlyle's China Pacific deal may be firm's best ever Carlyle sells $1.8b of China Pacific shares 
          Carlyle's China Pacific deal may be firm's best ever China Pacific Insurance profit in Q3 down 64.4%
          Carlyle's China Pacific deal may be firm's best ever China Pacific sells stake
          Carlyle's China Pacific deal may be firm's best ever China Pacific Insurance IPO raises $3.1b 

          In Asia, growth capital has been the biggest opportunity for private equity funds, which involves zero to little debt financing, mid-to minor stakes, but bit potential gains.

          China Pacific was a proprietary deal for Carlyle, led by X.D. Yang, a Hong Kong-based managing director for Carlyle's Asia buyout fund, sources previously told Reuters.

          Carlyle worked its way into China Pacific in 2005 when the State-backed insurance company was on the verge of collapse, a source familiar with the matter told Reuters. Carlyle had been studying the company for at least 18 months before injecting capital in its life insurance business, the source added.

          In late 2005, Carlyle and US firm Prudential Financial Inc jointly invested $410 million for a near-25 percent stake in the life insurance unit of China Pacific Group, beating rival bidders including American International Group, Citigroup and Singapore state investor Temasek.

          Then in 2007, Carlyle converted its shareholding.

          "That was a lot to sink into an unlisted company without knowing when you will be able to get out," Credit Suisse's Arjan van Veen said.

          Carlyle quickly overhauled the management, introduced performance-based incentives, changed the product mix relying less on guaranteed products, restructured the asset management business to help generate more returns.

          The turnaround was quick and within in two years the company was ready for a Shanghai listing.

          分享按鈕
          主站蜘蛛池模板: 亚洲欧美牲交| 国产精品成人综合色在线| 免费人成视频在线观看网站| 午夜成人亚洲理论片在线观看| 色老99久久精品偷偷鲁| 天堂va亚洲va欧美va国产| 好男人在线观看免费播放| 成人拍拍拍无遮挡免费视频| chinese熟女老女人hd视频| 无套内谢少妇一二三四| 久久er99热精品一区二区| 亚洲国产成人无码av在线播放| 精品人妻伦九区久久aaa片| 精品国内自产拍在线观看| 精品国产成人国产在线观看| 五月丁香六月综合缴清无码| 精品久久香蕉国产线看观看亚洲| 亚洲嫩模一区二区三区| 亚洲性日韩一区二区三区| 中文字幕亚洲无线码一区女同| 亚洲精品国偷自产在线99正片| 国产高清在线精品一本大道| 国产精品视频一品二区三| 高清免费毛片| 中文字幕人妻中文AV不卡专区| 欧美白人最猛性xxxxx| 色优久久久久综合网鬼色| 国产精品久久福利新婚之夜| 无码无遮挡刺激喷水视频| 国内精品自线在拍| 女优av福利在线观看| ww污污污网站在线看com| 久久精品国产99国产精品严洲| 国产福利姬喷水福利在线观看| 美女一级毛片无遮挡内谢| 又黄又刺激又黄又舒服| 五十路久久精品中文字幕| 真实国产乱啪福利露脸| 中文字幕免费视频| 亚洲综合国产精品第一页| 暖暖 在线 日本 免费 中文|