Techpacific sells CB to Goldman Sachs

Crosby parent raises cash for re-entry into private equity arena.
Techpacific Capital has sold a $75 million five-year convertible bond to Goldman Sachs in order to raise money partly for an investment into three gas fields in the United States.

The investment is said to signal a desire by the Hong Kong-listed investment company to return to its roots and make more private equity investments alongside its main asset, Crosby Capital Partners. Techpacific, which was founded during the dotcom boom as a technology-focused investment banking firm and later expanded into venture capital and incubation, bought an 81.24% stake in asset management and investment banking firm Crosby in 2001 at a time when tech had lost most of its appeal.

It promptly put its own senior...
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