Reuters – Hedge fund Avenue Capital is in the final stages of talks to buy a Chinese medical equipment company backed by a unit of Citigroup Inc in a deal worth over $100 million, sources familiar with the situation said on Tuesday.

The exclusive talks for Shenzhen-based Landwind between Avenue Capital, one of the world’s largest hedge funds, and Citi Venture Capital International (CVCI) came after Bain Capital and other private equity funds dropped their bids, said the sources.

A deal for Landwind would mark a rare occasion whereby a hedge fund outbids a private equity firm for control of a company. Hedge funds such as Avenue, run by billionaire Marc Lasry, have built up their presence in Asia in the last few years, participating in more and more private equity-style deals.

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Tags: equity style, hedge fund, hedge funds, private equity firm, private-equity-funds, venture capital international

VC Circle – CX Partners, a new private equity firm promoted by former Citigroup Venture Capital International (CVCI) head Ajay Relan, has achieved the first close of $220 million for its maiden fund. The first close was made by the fund in March this year, Relan told VCCircle. The fund plans a final close of $500-600 million by September this year.

"The fundraising environment was tough six months ago, but now it is getting better," Relan told VCCircle. Indian stock markets have also been on a rally with Sensex rising from 8,160 points on March 9 to 14,284 points yesterday.

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Tags: ajay, circle cx, citigroup, fundraising, indian stock markets, nbsp, private equity firm, rally, relan, sensex, six months, venture capital international