Summary: Partners Group and Canada Pension Plan Investment Board (CPPIB) exited their 45% stakes in GlboalLogic, an India-founded IT services business that has expanded worldwide, to Hitachi at an equity valuation of $8.5 billion in July 2021. Partners Group, which invested about $750 million in 2018, a year after CPPIB entered, has generated an approximately 5x return. GlobalLogic’s footprint expanded from 26 to 30 engineering centers during the holding period, while headcount rose from 12,000 to 20,000. Value creation initiatives included establishing a PE services unit (Partners Group remains a client), establishing ESG protocols, improving client account management, and M&A.

Summary: CDH Investments generated more than $315 million through two partial exits from JS Global between April and June of 2021, reducing its stake in the Chinese household appliances maker to 6.1% from 10.6% immediately after the company’s 2019 Hong Kong IPO. The remaining position was worth $455 million as of mid-October. The private equity firm invested $180 million in JS Global in 2017 and followed up with a $49 million pre-IPO commitment. It participated in the acquisition of US-based SharkNinja in 2017, which significantly increased JS Global’s product range and geographic reach. The company’s revenue has grown 2.7x since 2017.

Summary: CVC Capital Partners exited its 40% stake in personal care products manufacturer Softex Indonesia in September 2020 when Kimberly-Clark paid $1.2 billion for 100% of the business. The family owner also exited. The private equity firm generated a money multiple of 3.3x and an IRR of 30%. During the holding period, Softex’s local market share rose from 17% to 34%. This was driven by broadening of distribution channels to include large-scale hypermarkets – which involved changes to product, pricing, packaging, and advertising expenditure – and entering new product segments. CVC also helped develop a comprehensive ESG measurement and reporting system.

Summary: Baring Private Equity Asia (BPEA) has realized $773 million from Telus International since the start of 2021: a $367.5 million partial exit through the company’s $1.06 billion dual listing on the New York and Toronto, and a secondary offering worth $405.3 million. The private equity firm – which acquired a 35% interest in Telus International at a valuation of $930 million in 2016 – retains an approximately 26% stake worth $2.5 billion as of mid-October. This implies BPEA is sitting on an overall return of 10x return. Value creation initiatives include global expansion, digital transformation, and a focus on technology sector clients.

Summary: From Altos Ventures to Goldman Sachs to Hillhouse Capital, Woowa Brothers received nearly $500 million in funding from 11 investors between 2011 and 2018. They helped the company become Korea’s preeminent food delivery business and then secured a sizeable windfall in March 2021 when Delivery Hero completed a $4 billion acquisition. Existing investors received cash or stock. To underline Woowa’s scale, the company generated gross merchandise value (GMV) of EUR4.6 billion ($4.1 billion) in the first nine months of 2019. Delivery Hero’s GMV from its entire operation across Europe, Asia, the Middle East, and the Americas was EUR5.2 billion.