Hopu Master Fund II has already received $1bn in commitments, the Chinese banker told investors, according to Reuters.
The new vehicle follows Hopu’s $2.5bn first fund, which was raised in 2008 and was generating an IRR of 46 per cent at the end of 2012.
The report noted that the new fund revives a potential conflict as Fang’s dual role as chairman of Goldman Sachs’ Chinese unit Beijing Gaohua Securities and co-founder of Hope could put him in the “awkward position of competing with Goldman for deals.”
Last month it was reported that Chinese private equity firm Nepoch Capital launched a $500m fundraise and had tapped investors for $200m for the new vehicle.
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