Private Equity
There were no final closes in H1 2024.
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DealStreetAsia first reported the development in May.
GEMS was CVC’s first private equity investment in the Middle East.
Last year, PAG had reduced the target size of the vehicle from $9b to $6b.
CVC Capital is an existing shareholder in the hospital group with a 26.18% stake.
CVC has invested in Hempel through its Strategic Opportunities platform.
The sale of the stake was done via two trades fetching $160 million and $60 million.
It committed $300m each to CVC Capital Partners Asia VI and Bain Capital Asia V.
CVC Capital Partners Asia VI is 50% larger than its predecessor.
The European PE firm is targeting $6b for the fund.
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