THE WHAT? Carlyle is rumored to be seeking a buyer for Tokiwa and the Japanese cosmetics supplier could fetch up to US$1 billion.

THE DETAILS Reuters reports, quoting ‘sources familiar with the matter’, that Jefferies and SMBC Nikko Securities have been drafted in to help seal the deal.

THE WHY? Carlyle, Tokiwa, Jefferies and SMBC Nikko all declined to comment when approached by Reuters but presumably, Carlyle is looking to collect on the investment it made in the make-up manufacturer in 2019.