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EQT Private Capital Asia

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BPEA EQT
FormerlyBaring Private Equity Asia
BPEA
Company typeSubsidiary
IndustryInvestment Management
Founded1997; 27 years ago (1997)
FounderJean Salata
HeadquartersTwo IFC, Central, Hong Kong
ProductsPrivate Equity
Real Estate
Private Credit
AUM€$22.1 billion (Q3 2022)[1]
Number of employees
225 (2022)[1]
ParentEQT Partners
Websitehttps://www.bpeasia.com

BPEA EQT (formerly known as Baring Private Equity Asia and BPEA) is an Asian investment firm. Previously it was an affiliate of Barings Bank before becoming an independent firm. In 2022, it was acquired by EQT Partners to act as its Asian investment platform. It is one of the largest private equity firms in Asia.[2][3]

History

Baring Private Equity Asia (BPEA) was founded in 1997[4] as a subsidiary of Baring Private Equity Partners which was an affiliate of Barings Bank.[5] In addition to BPEA, the affiliates of Baring Private Equity Partners include Baring Vostok Capital Partners, Baring Private Equity Partners India and GP Investments.[6]

Jean Salata and two other senior colleagues from the investment arm of AIG were set to run it with the ING Group providing $300 million in seed money. However, the two colleagues pulled out and ING downsized its commitment to $25 million due to the collapse or Barings Bank and the Asian financial crisis. However, despite the difficult circumstances, Salata recruited a team and deployed capital into NetEase and Mphasis. These successful investments allowed BPEA to raise $300 million for its debut fund in 1999.[7]

In 2000, Salata led a management buyout of BPEA leading it to be established as an independent Firm. The firm would keep the Barings brand name and the ING relationship in exchange for a share of the profits for a limited period.[7][8]

In 2016, Affiliated Managers Group acquired a 15% minority stake in BPEA.[9][10]

In 2017, BPEA launched it's Credit investment unit in India after acquiring the Credit unit of Religare Global Asset Management.[11]

In March 2022, EQT Partners acquired BPEA for $7.5 billion.[12] On October, the acquisition was complete and the firm was renamed to BPEA EQT.[1][13]

Business overview

BPEA EQT mainly focuses on the Asia Pacific Region. It has three investment strategies which are:[14]

  • Private Equity
  • Real Estate (operates under the EQT Exeter brand)
  • Credit (operates as BPEA Credit that focuses on India)

BPEA EQT has offices in Beijing, Hong Kong, Mumbai, Seoul, Shanghai, Singapore, Sydney and Tokyo.[13]

Funds

Private Equity

Fund[15] Vintage Year Committed Capital ($m)
Baring Asia Private Equity Fund 1999 USD 305
Baring Asia Private Equity Fund II 2002 USD 257
Baring Asia Private Equity Fund III 2005 USD 490
Baring Asia Private Equity Fund IV 2008 USD 1,515
Baring Asia Private Equity Fund V 2011 USD 2,460
Baring Asia Private Equity Fund VI 2015 USD 3,980
Baring Asia Private Equity Fund VII 2020 USD 6,500
Baring Asia Private Equity Fund VIII[16] 2022 USD 11,200

Real Estate

Fund[15] Vintage Year Committed Capital ($m)
Baring Asia Real Estate Fund 2015 USD 365
Baring Asia Real Estate Fund II 2018 USD 1,000

Credit

Fund Vintage Year Committed Capital ($m)
BPEA Credit – India Fund I 2017 USD 90
BPEA Credit – India Fund II 2019 USD 140
BPEA Credit – India Fund III 2022 USD 475[17]

Notable investments

Notable Transactions

References

  1. ^ a b c Velezmoro, Sara. "EQT completes BPEA acquisition | bpea, eqt, merger, acquisition, jean salata, christian sinding, baring, pe, private equity, asia". FinanceAsia.
  2. ^ "Baring Private Equity closes Asia buyout fund at $6.5 billion". Reuters. 2020-01-21. Retrieved 2023-04-27.
  3. ^ "Baring Private Equity Asia Donates HKD10 million to HKCSS to Support Families in Hong Kong Impacted by COVID-19". 香港社會服務聯會. Retrieved 2021-02-20.
  4. ^ "Baring Private Equity Asia Investor Profile: Portfolio & Exits | PitchBook". pitchbook.com. Retrieved 2021-02-20.
  5. ^ "Profile: Baring Asia's Jean Eric Salata | AVCJ". avcj. 2020-03-05. Retrieved 2023-05-11.
  6. ^ Thomson, Andy (2012-12-30). "Baring-backed Minth raises $450m". Private Equity International. Retrieved 2023-05-11.
  7. ^ a b c d "Profile: Baring Asia's Jean Eric Salata | AVCJ". avcj. 2020-03-05. Retrieved 2023-05-12.
  8. ^ "Jean Salata". Forbes. Retrieved 2021-02-20.
  9. ^ "AMG Announces Investment in Baring Private Equity Asia". BPEA. Retrieved 2021-02-20.
  10. ^ "New Details Emerge on AMG's Deal with Baring Private Equity Asia". Fortune. Retrieved 2021-02-20.
  11. ^ Ou, Christie (2017-02-07). "BPEA launches first India fund after Religare deal". Private Debt Investor. Retrieved 2021-09-04.
  12. ^ Dummett, Ben (2022-03-16). "EQT Buys Baring Asia Unit in $7.5 Billion Private-Equity Merger". Wall Street Journal. ISSN 0099-9660. Retrieved 2022-04-15.
  13. ^ a b "EQT takes over HK-based Baring Private Equity Asia". DealStreetAsia. Retrieved 2022-10-22.
  14. ^ "AMG | Baring Private Equity Asia". www.amg.com. Retrieved 2021-02-24.
  15. ^ a b "Baring Private Equity Asia | Palico". www.palico.com. Retrieved 2021-02-20.
  16. ^ Wu, Kane (2022-09-14). "Baring Private Equity raises $11.2 bln in one of Asia's largest buyout funds". Reuters. Retrieved 2022-09-25.
  17. ^ Velezmoro, Sara. "BPEA Credit closes $475 million fund, its largest to date | bpea, credit, eqt, india, debt, private credit, private equity, kachan jain". FinanceAsia. Retrieved 2022-11-08.
  18. ^ Vandevelde, Mark (2016-10-03). "Cath Kidston sold to Baring Asia". Financial Times. ISSN 0307-1766. Retrieved 2016-10-04.
  19. ^ Grant, Bob (2016-07-15). "Web of Science sold for more than $3 billion". The Scientist. Retrieved 2018-06-29.
  20. ^ "Acquisition of the Thomson Reuters Intellectual Property and Science business by Onex and Baring Asia completed" (Press release). Clarivate Analytics. PR Newswire. 2016-10-03. Retrieved 2018-06-29.
  21. ^ Badkar, Mamta (2017-04-25). "Canadian-led consortium to buy Nord Anglia for $4.3bn". Financial Times. Retrieved 2018-04-24.
  22. ^ Ruckin, Claire. "LPC-Nord Anglia sounds out investors on LBO financing". U.S. Retrieved 2018-04-24.
  23. ^ "UPDATE 3-Japan's Pioneer gets $540 mln lifeline from Baring as debt deadline looms". Reuters. 2018-09-12. Retrieved 2020-03-31.
  24. ^ "Baring Private Equity Asia nears $1 billion deal to buy Prometric: sources". Reuters. 6 December 2017.
  25. ^ Rebello, Joel. "Investors led by Baring PE put Rs 1566 crore into RBL Bank". The Economic Times.
  26. ^ Dhanjal, Swaraj Singh (21 August 2020). "Baring PE, others to invest ₹1,566 crore in RBL Bank". Livemint.
  27. ^ Pash, Chris (26 September 2016). "Baring Asia has grabbed Australia's SAI Global in a $1 billion deal". Business Insider Australia. Retrieved 13 July 2020.
  28. ^ "Altas partners with St. George's University". Altas Partners. Retrieved 8 April 2015.
  29. ^ "Telus Sells 35% Stake in Outsourcing Subsidiary to Baring Private Equity Asia". Nearshore Americas. 2016-05-06. Retrieved 2019-08-08.
  30. ^ a b "Private equity firm BPEA to buy Tricor from Permira in $2.8 billion deal". Reuters. 2 November 2021.
  31. ^ a b c "Baring PE Asia weighs US$8 billion merger of Hong Kong's Tricor and Vistra". South China Morning Post. 25 September 2022.
  32. ^ Davis, Anita (13 July 2011). "Nestle tables $1.7b offer for Hsu Fu Chi". AVCJ.{{cite web}}: CS1 maint: url-status (link)
  33. ^ Burroughs, Tim (9 October 2012). "Baring-backed Courts Asia targets $112m IPO". AVCJ.{{cite web}}: CS1 maint: url-status (link)
  34. ^ "Courts Asia IPO is a go". news.yahoo.com.
  35. ^ "Thomson Reuters Announces Definitive Agreement to Sell its Intellectual Property & Science Business". www.thomsonreuters.com. Retrieved 2021-02-20.
  36. ^ "Post Holdings Completes Acquisition of Weetabix". Post Holdings. 3 July 2017.
  37. ^ Lee, Jamie (23 January 2018). "PSB Academy acquired by UK-listed Intermediate Capital Group". The Straits Times.
  38. ^ Quinn, Callan. "Wall Street English sold back to original founder "at a deep discount"". thepienews.com.
  39. ^ "Baring Private Equity Asia Completes Acquisition of Virtusa". www.businesswire.com. 2021-02-11. Retrieved 2021-02-20.
  40. ^ Weprin, Alex (2023-04-25). "Endeavor Sells IMG Academy to Private Equity Firm BPEA EQT for $1.25B". The Hollywood Reporter. Retrieved 2023-04-27.
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