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China’s Hony Capital nets $4bn for latest dollar, renminbi funds

12 Jan 2012

Beijing-based Hony Capital, the private equity arm of Legend Holdings, has raised nearly $4bn from LPs for two separate investment funds.

The Chinese firm has raised nearly $2.4bn for its fifth dollar-denominated fund and RMB10bn ($1.58bn) for its second renminbi-denominated investment vehicle, the firm said in a statement. Both funds are more than double the size of their respective predecessors.

The firm began fundraising for the dollar fund in September last year with an initial target of $2bn, reflecting both the success of the firm’s fundraising efforts and the current appetite for investing in private equity in China through a well-established GP.

The dollar fund will largely follow on from its predecessor in restructuring Chinese state-owned businesses and growth capital investments. A small proportion of the fund may also be used to invest in opportunities abroad, according to Reuters.

Previous LPs in Hony’s four dollar-denominated funds include Goldman Sachs, Temasek and Stanford University. Its last dollar fund closed in 2008 with commitments of about $1.4bn.

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