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Laxman Pai, Opalesque Asia: Investment bank China Renaissance Capital's private equity fund "Huaxing New Economy Fund" officially announced that it has raised $600 million in the final closing of its USD Fund III.
The Beijing-based firm said its new fund will focus on investments in growth-stage companies in technology, consumption, and industrial transformation.
Investors are mainly composed of international investment institutions and individual investors in Europe, Asia, the Middle East, and other regions, including sovereign funds, banks, funds of funds, and family offices. This closing comes after China Renaissance New Economy Fund completed fundraising of more than RMB6.5 billion in July 2019.
To date, China Renaissance's private equity funds have approximately RMB40 billion of assets under management (AUM) in total.
After the final close of USD Fund III, Huaxing Growth Capital's single investment size can be up to $50 million, said the release.
Fan BAO, Chairman, and CEO of China Renaissance, Founding Partner and Chief Investment Officer of Huaxing Growth Capital, said, "I would like to extend my appreciation to our global LPs. Thanks to their unwavering support and trust, we were able to close our third USD fund during a period of mounting geopolitical uncertainties and a global pandemic. Our world-class information system and in-depth industry research capabilities are the foundation of our successful investment management business...................... To view our full article Click here
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