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Alternative Market Briefing

CMC Capital Partners raises $950m for third China fund

Tuesday, February 25, 2020

Laxman Pai, Opalesque Asia:

CMC Capital Partners, a Chinese private equity firm set up by Ruigang Li, formerly president of Shanghai Media Group (SMG), has closed its third US dollar-denominated fund with more than $950 million in commitments.

CMC Capital Partners III surpassed its original target size after securing commitments from global investors, the firm said in a statement on Tuesday. It initially targeted about $800 million.

The final close takes CMC's total assets under management past the $2.5 billion mark. The firm raised $350 million for its debut US dollar fund in 2014.

CMC Capital Partners III has attracted commitments from leading global institutional investors, including pension funds, sovereign wealth funds, insurance companies, financial institutions, endowments, fund of funds (FOFs), and family offices. The investor base is globally distributed across North America, Europe, the Middle East, and Asia Pacific.

"CMC Capital will continue its strategy of investing in leading innovative growth companies in media & entertainment, technology, and consumer sectors. With the closing of this new fund, CMC Capital now manages over $2.5 billion in commitments across five funds," said a press note.

CMC Capital has made over 50 investments in the growth and expansion stage across its target sectors, including many leading players such as IMAX China, Star TV, iQIYI, Bilibili, Mango TV, Kuaishou, NetEase Music, CAA, Eleme, Manbang Group, Mei Cai, Dingdong, Danke, Hongjiu Fruit, Leqee, Perfect Diary, Neobio, Yuanfudao, Gaosi Education and Zhangmen.

Amongst all investments, eight companies have completed IPOs, and fifteen investments have been fully or partially realized. Its first US dollar fund (2014 vintage) achieved the significant milestone of crossing DPI of 1x and returning full paid-in capital to its investors in 2019.

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