BIZCHINA / Center
General Atlantic to invest in Shanghai
By Lillian Liu (China Daily)
Updated: 2006-10-24 09:28
HONG KONG: General Atlantic, the leading global private equity firm that
funded China's top PC maker Lenovo's takeover of IBM's PC arm, said it
will invest in a Shanghai-based technology-driven company by the end of
this year.
Senior management from the group, which specializes in long-term
investment, declined to give further details, but said the Shanghai
project is relatively small compared to the company's other investments.
Vince Feng, managing director of General Atlantic's Asia operation, told
China Daily that the total investment would be somewhere below US$100
million.
"This is a relatively small project by comparison with our other big
global investments... It is a fast-growing and dynamic company based in
Shanghai," said Feng.
Feng said the company, which selects eight to 12 investments every year,
is prudent in picking its targets.
"Our targets must have excellent performance and, most importantly, an
open-minded and dynamic management team on whom we can count and trust. I
think very highly of the former and current upper management team of
Lenovo, and am impressed by their extraordinary attitude towards business
and life," he added.
General Atlantic invested US$100 million in Lenovo's acquisition of IBM's
PC arm. China's biggest PC manufacturer by output paid US$1.25 billion
for the unit, splitting the deal into US$650 million in cash and US$600
million in Lenovo shares.
Another two investors behind the Lenovo-IBM deal Texas Pacific Group and
Newbridge Capital invested US$200 million and US$50 million respectively.
Under the terms of the investment, the three funds cannot sell the shares
within a year of the transaction.
(For more biz stories, please visit Industry Updates)
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