Asia Private Equity

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A global leader in private equity and private investment funds, Ropes & Gray offers clients in Asia and those investing in the region a deep understanding of local markets and industry-specific issues, an on-the ground presence and the resources of one of the world’s premier law firms.

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“Widely regarded for its private equity experience in the region, with highly experienced teams in Japan and China.” Chambers Asia
“The Ropes & Gray team has a good understanding of deals from a business perspective and a strong grasp of key legal matters from the investor’s perspective. They are also able to integrate expertise from various offices efficiently.” Private Equity Client, Chambers Asia
“Universally, I have been extremely impressed with their availability, knowledge, counsel and advice, and their high-quality and prompt deliverables.” Private Equity Client, Chambers Global

Overview

Ropes & Gray’s partners in Asia have more than 100 combined years of experience advising private equity funds, public and private companies, and financial institutions on Asia-related private equity investments, including mergers and acquisitions, securities matters and internal investigations. 

Our experience with Asian businesses and our understanding of the regulatory and business environment in which they operate, enables us to identify the issues and risks facing global investors across Asia and to provide highly practical real-time advice. Our lawyers’ ability to communicate in Mandarin, Japanese and Korean provides added efficiency and effectiveness in both transactional and investigatory settings. 

Our Asia team, based in Hong Kong, Shanghai, Seoul and Tokyo, works in collaboration with our offices in Europe and the United States to devise tailor-made solutions to each client’s specific business and legal needs. Our team includes a regional FCPA specialist who combines Asia-specific insight with U.S. regulatory knowledge, and works seamlessly with FCPA practitioners in our U.S. offices.

Asia-Specific Experience

Ropes & Gray is one of a very few firms in Asia with a dedicated, sponsor-side leveraged finance team. This team has represented sponsors on many of the largest LBOs recently completed across Asia and has unrivalled understanding of Asian, European, U.S. and local deal structures.

In addition, our Asia team possesses:

  • The ability to advise on English and U.S. law across all levels of the capital structure, including equity, debt and hybrids
  • Structuring know-how backed by Hong Kong-based UK and U.S. senior restructuring and insolvency experience
  • Extensive experience gained during the financial crisis in restructuring and exiting distressed investments
  • Deep knowledge of the practical difficulties faced by investors in downside scenarios and the means of structuring transactions from the beginning to mitigate downside risk and ensure that investors have substantial leverage in restructuring negotiations

Experience

Some recent highlights include:

  • Bain Capital in its $18 billion consortium buyout of the Toshiba Corp. semiconductor business, the largest Japanese deal since 2011, and the largest private equity and leveraged finance deal ever seen in Asia.
  • Bain Capital in its $2.66 billion sale of Carver Korea Co., Ltd., the fastest-growing skincare business in South Korea, to Unilever.
  • Bain Capital. Advised Bain Capital in numerous private equity transactions, including its acquisition of Camp Australia, disposal of Gymboree Play & Music business, and leveraged tender offer buyout of Yukiguni Maitake.
  • Baring Private Equity Asia. Advised Baring Private Equity Asia in its acquisition of a 40 percent stake in, and subsequent sale of, Weetabix Food Company from Bright Food, a China state-owned food manufacturing company.
  • Blackstone. Advised Blackstone, as the lead buyer of a consortium, in the US$625 million going-private transaction of China-based Pactera Technology International Ltd. Our team advised the buyer consortium on the financing of the transaction. Named 2015 “High Yield Deal of the Year” by IFLR.
  • CMC Capital Partners. Advised CMC Capital Partners in its joint venture with Creative Artists Agency, a global entertainment ans sports agency, creating CAA China.
  • Canada Pension Plan Investment Board. Advised the Canada Pension Plan Investment Board  in its acquisition of an approximately 20% stake in Homeplus, Tesco’s South Korean business, for US$534 million. CPPIB was part of a consortium led by MBK Partners and Temasek.  The total transaction value is approximately US$6 billion (KRW7.2 trillion) and is the largest Asia-Pacific private equity buyout in Korea to date.
  • Goldman Sachs. Advised Goldman Sachs in its US$100 million convertible bond financing of a subsidiary of HKSE-listed GCL New Energy Holdings Limited, a leading developer and operator of renewable energy projects in the PRC.
  • TPG Capital. in the $178 million take private acquisition of ShangPharma Corporation, a leading China-based pharmaceutical company.

Awards

Ropes & Gray’s work in Asia has quickly garnered recognition by clients and independent reviewers, including:

  • Chambers Asia-Pacific 2017 – Ranked Band 1 in “Corporate/M&A: Private Equity” and Band 2 in “Investment Funds: Private Equity” in the Asia-Pacific region. Ranked Band 1 China/Hong Kong in “Private Equity,” with multiple lawyers recognized.
  • Chambers Global 2017 – Ranked Band 1 in “Corporate/M&A: Private Equity” in the Asia-Pacific. Also ranked in “Investment Funds: Private Equity,” and as a leading practice in “Banking & Finance: Leveraged & Acquisition Finance” in China/Hong Kong.
  • Legal 500 Asia-Pacific 2017 – Ranked as a leading firm in China for M&A and private equity/venture capital; in Hong Kong for private equity; and in Japan for corporate/M&A and capital markets. 
  • IFLR1000 2017 – Ranked as a leading practice in private equity and M&A in China and Hong Kong, with two lawyers recognized. 
  • IFLR Asia Awards 2016 – Named “Private Equity Team of the Year” and “Private Equity Deal of the Year.”
  • ALM Asia Awards 2016 – Awarded “M&A Deal of the Year” and “M&A Deal of the Year: North Asia” for Tesco’s sale of Homeplus.
  • Financial Times: Asia-Pacific Innovative Lawyers 2016 Report – Ranked in top 10 in Asia.
  • Asian Legal Business Innovation List 2016 – Named among top 10 Innovators. 
  • IFLR Asia Awards 2013 – Named “Private Equity Team of the Year.”

Deal of the Year Awards

  • India Business Law Journal – 2017 “Deal of the Year” award for Hewlett- Packard’s divestiture of Mphasis to Blackstone and GIC.
  • IFLR Asia Awards 2017 – Awarded “Restructuring Deal of the Year” for the Kaisa restructuring.
  • IFLR Asia Awards 2016 – Awarded “Private Equity Deal of the Year” for the acquisition of Yukiguni Maitake
  • ALM Asia Awards 2016 – Awarded “M&A Deal of the Year” and “M&A Deal of the Year: North Asia” for Tesco’s sale of Homeplus.
  • China Law & Practice 2016 – Finalist for “M&A Deal of the Year” for the merger between Ctrip and Qunar.
  • IFLR Asia Awards 2015 – Awarded “High Yield Deal of the Year” for the Pactera take-private financing.
  • Asia Lawyer Awards 2015 -  Awarded “Finance Deal of the Year: Insolvency & Restructuring” for LDK Solar restructuring.
  • India Business Law Journal – 2012 “Deal of the Year” award for advising Bain Capital Partners in its acquisition of a $1 billion stake in Indian outsourcing technology manager Genpact Ltd.
  • Asian Legal Business China Law Awards 2013 – Ropes & Gray was named a finalist for “Technology, Media & Telecommunications Deal of the Year” for role in the Focus Media privatization.
  • Asian Legal Business China Law Awards 2013 – Ropes & Gray was named a finalist in the “M&A/Private Equity Law Firm of the Year” category.
  • Asian Legal Business Japan Law Awards 2012 – Awarded “Debt Market Deal of the Year” for representation of Bain Capital in its $3.2 billion leveraged acquisition of restaurant chain Skylark, which operates more than 3,600 units in Japan. This transaction has been the largest private equity firm buyout in Japan since the beginning of the global financial crisis in 2008.