Prince Alwaleed, Murdoch discuss strategic alliance

Updated 05 February 2013

Prince Alwaleed, Murdoch discuss strategic alliance

Prince Alwaleed bin Talal, chairman of Kingdom Holding Company (KHC) and Rotana Group, met with James Murdoch, deputy chief operating officer, chairman and CEO of News Corporation International at The Savoy Hotel, during the prince's visit to London.
The meeting was also attended by Fahad Alsukait, CEO of Rotana Group and CEO of Alarab Channel that is owned by Prince Alwaleed, and Nahla Nasser Alanbar, private executive assistant to the prince, and top executives of News Corp.
Prince Alwaleed and James Murdoch discussed various issues related to Rotana, News Corp. and KHC. Also during the meeting, they discussed their strategic alliance and reaffirmed their support for Rotana. Prince Alwaleed has 7 percent (voting shares) through KHC in News Corp. and KHC, which is 95 percent owned by Prince Alwaleed, is the second largest shareholder in News Corp. after the Murdoch family. Moreover, News Corp. owns a 19 percent stake in Rotana.


Hillhouse said to target more than $3bn for new yuan-denominated fund

Hillhouse’s move underscores a revival in private equity fundraising momentum in Asia. (Reuters)
Updated 19 September 2020

Hillhouse said to target more than $3bn for new yuan-denominated fund

  • The dollar fund, the firm’s fifth, will comprise about $1 billion for venture investment, $2.5 billion for growth-stage companies and the rest for buyout deals, said two of the people

HONG KONG: Private equity firm Hillhouse Capital Group is raising a fund targeting over 20 billion yuan ($3 billion), said people with knowledge of the matter, as it readies itself for opportunities offered by the eventual normalization of the Chinese economy.
Hillhouse formally began fundraising for its largest-ever yuan fund in recent months, said one of the people. It is unclear when the fundraising will close but typical time frames are six months to over a year. Details of the fund are reported here for the first time.
The move underscores a revival in private equity fundraising momentum in Asia, after new funds raised focusing on the region dropped to a seven-year low in the first half of the year, as buyout firms scrambled to pare exposure to virus-hit portfolios.
So far in July-September, only a little over $6 billion has been raised for Asia-focused funds, compared with the quarter’s five-year average of $46 billion, data from Preqin showed.
However, top private equity firms’ track record of landing big-ticket merger-and-acquisition deals and steady returns for their investors hunting yields in a low interest rate environment are helping to revive fundraising activity.

FASTFACT

In July to September, a little over $6 billion has been raised for Asia-focused funds, compared with the quarter’s five-year average of $46 billion.

Hillhouse is also raising what would be Asia’s largest US dollar-denominated fund targeting $13 billion, said separate people with knowledge of the matter.
The dollar fund, the firm’s fifth, will comprise about $1 billion for venture investment, $2.5 billion for growth-stage companies and the rest for buyout deals, said two of the people.
Hillhouse’s fundraising follows US-based KKR & Co, which has raised more than $11 billion for its latest Asia fund. Its target is $12.5 billion, sources have said. Founded in 2005 by Chinese rainmaker Zhang Lei with seed funding from a Yale University endowment, Hillhouse is known for early investments in Chinese tech giants.