Private equity firm Affinity has backed Chinese milk producer Sunlon.
Affinity, which is focused on the Asia-Pacific region, invested $123 in the business, according to Private Equity International.
The firm is currently investing from its $2.8bn third fund, which was closed in 2007. Affinity currently has $4bn under management and has invested in deals with a combined value of $10bn in six countries.
In July this year Affinity held a $2.5bn second close for its fourth fund. Earlier this year AltAssets reported that the fund had secured a $300m commitment from US pension giant the Washington State Investment Board.
That figure is three times the $100m WSIB committed Affinity Asia Pacific Fund III, which had an IRR of 16.54 per cent and 1.5 times cash multiple at the start of the year according to the LP’s data.
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