Hong Kong private equity firm H&Q Asia Pacific is looking to raise its first yuan-denominated fund for mainland China.
Chairman Ta-lin Hsu, quoted in the Wall Street journal, said, “We’ve seen a surge in interest from domestic investors” for private-equity funds.
He added that the firm would continue to raise dollar-denominated funds.
In october, H&Q led A consortium of investors to buy a controlling stake in iMarketKorea, the procurement management arm of South Korean electronics giant Samsung.
The consortium reportedly trumped global buy-out firms KKR and Asia’s MBK Partners for the stake, which comes with an agreement from Samsung that the company will provide five-year guarantees to its buyers, ensuring KRW2tr ($1.8bn) of annual revenue.
H&Q Asia Pacific has managed an aggregate of more than $2.7bn in committed capital through 23 funds since its establishment in 1985.
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