Click here for printer friendly page

Asia & Australasia: March 2003

India develops biotech park, China expects VC growth and Australian tycoon forms PE fund...

Japan-focused Entrepia Ventures closes two funds with $50m
US-based Entrepia Ventures has announced the closing of two funds, Entrepia Fund II and Le Fonds Entrepia Nord, with $50m. The funds will invest in privately owned, tech-based, expansion-stage companies wishing to enter the Japanese market and will begin investing at once.
AltAssets 5.3.03

Australian media tycoon sets up Australia-focused private equity fund
Australian Cameron O'Reilly has set up a new private equity fund entitled Bayard Capital with A$100m to invest in private Australian companies. O'Reilly has gained commitments from his media mogul father, Irish media baron Sir Anthony O'Reilly and other high-profile investors including other Australian high net worth individuals Kerry Stokes and John B Fairfax. O'Reilly has said that he will be targeting buy-out rather than venture capital opportunities.
AltAssets 24.3.03

Kerala state government allocates Rs300m for biotech park
The Indian state of Kerala has moved forward with plans to develop a Rs300m, 25-acre, biotech park in the state's capital, Thiruvananthapuram. A technology incubation centre will occupy four acres of the site. The remaining area will be designated as a business development zones where pharmaceutical companies will be invited to locate. 
GenomeWeb 25.3.03

China expecting growth in foreign venture capital investment
Chinese central government is attempting to entice global venture capital investment in Chinese firms by refining the legal framework governing venture capital activity, capital outflow and taxation. Although the regulations still need perfecting, foreign venture capital profits in China can now be transferred out of the nation's Foreign Exchange Trade System.
China Daily 27.3.03

China launches new framework for foreign and domestic M&A.
China has published new regulations governing mergers and acquisitions between foreign and domestic players. The provisions may facilitate foreign investment in China's corporate sector but also set out a number of conditions aimed at protecting domestic industry. Under the new guidelines foreign firms, hoping to cash in on China's robust economic growth, will have to be approved by the foreign trade ministry and the State Administration of Industry and Commerce.
The Deal 12.3.03