The two firms will hold 60 per cent of Inner Mongolia Yili Livestock Development according to AVCJ, which referred to a regulatory filing made with the Shanghai bourse.
Eight months ago buyout house Affinity invested $123m in Chinese milk producer Sunlon.
Yunfeng Capital is currently targeting $1bn for its latest fund. The Shanghai-based firm was launched by Ali Baba founder Ma and David Yu, founder of Target Media.
Yunfeng’s first private equity fund raised $1.5bn in 2011, following the firm’s establishment in January 2010. Focus industries include TMT, healthcare and consumer products.
In April it emerged that Alibaba and Yunfeng Capital were to invest $1.22bn in internet television company Youku Tudou.
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