FountainVest strikes RMB1.7bn final close for debut renminbi fund

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Chinese private equity house FountainVest Partners has reportedly hit a RMB1.7bn ($246m) final close for its first renminbi-denominated vehicle.

FountainVest has previously raised three dollar-denominated vehicles targeting investments in China, with the most recent reaching a $2.1bn final close in September 2016.

AVCJ reported the final close of the latest fund, which brings FountainVest’s capital under management to about $4.5bn.

Founded in 2007, FountainVest targets industry leaders or emerging champions in China in the healthcare, consumer retail, media and entertainment and industrial sectors.

FountainVest China Capital Partners Fund III was significantly larger than its $1.35bn predecessor, which it closed in November 2012.

Fund II was approximately 40 per cent larger than FountainVest’s first fund, FountainVest China Growth Capital Fund, and exceeded its initial target.

Recent activity from the firm includes pursuing a €4.6bn buyout of Finland’s Amer Sports, which received unanimous board backing from the business.

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