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Hopu Investment Management launches $2bn China fund

2 May 2013

beijing_lrgPrivate equity firm Hopu Investment Management founder Fang Fenglei has reportedly launched a new fund targeting $2bn.

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.

Last year Hopu netted $289m from selling its minority stake in Hong Kong-listed China Mengniu Dairy.

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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