Fountainvest, TPG, WP among final bidders for Carlyle’s $1bn-targeting AmbioPharm exit


Carlyle is considering the final rounds of bids for its $1bn-targeting AmbioPharm exit from fellow buyout houses Fountainvest Capital Partners, TPG and Warburg Pincus, Reuters reported quoting sources.

Sources said binding bids are expected in the coming days, and a deal could be reached by the end of the month at the earliest.

Carlyle was said to have hired Jefferies as an advisor for the deal.

The private equity giant bought Ambio from specialist healthcare fund MVM Partners in 2018. The US-headquartered company provides services for drugs approved by the US Food and Drug Administration, the European Medicines Agency and the China National Medical Products Administration.

It runs its peptide manufacturing and purification facilities in China.

Carlyle secured $50m from pension fund major Ohio SERS in February for its Asia growth equity vehicle. The firm launched its Asia Partners Growth II raise last year according to SEC documents filed by the firm.

Bloomberg reported last month that Carlyle is seeking $8.5bn for its biggest Asian buyout fund, which is 30% more than Asia Partners V Fund that it closed on $6.55bn in 2018.

Fountainvest, which targets industry leaders or emerging champions in China in the healthcare, consumer retail, media and entertainment and industrial sectors, was reported in June to have surged to a $2.9bn final close for its fourth dollar-denominated fundraise.

The fund came in well above the $2.1bn China Capital Partners Fund III FountainVest raised in 2016.

Warburg Pincus raised $4.25bn for its China-Southeast Asia II vehicle in 2019, a companion fund to its $14.8bn flagship.

The firm initially launched the fund targeting $3.5bn but had surpassed both this amount and the $2.2bn raised for its predecessor fund, Warburg Pincus China, which it closed in December 2016.

TPG is currently out eyeing up to $18.5bn for Fund IX, and another $3.5bn for its second Healthcare Partners fund.

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