RRJ Capital, the Asia-based private equity firm set up two years ago by former Hopu co-founder Richard Ong, has reportedly bought a 75 per cent stake in SKC Group, the owner of Hong Kong children’s clothing retailer Kingkow.
The Wall Street Journal reported the news, citing a person with knowledge of the deal. Financial terms were not disclosed.
Kingkow opened its first three stores in Hong Kong in 1998 and has since expanded to dozens of sites in China, as well as Thailand, Macau, Taiwan and Singapore.
RRJ’s deal follows reports it has raised the second-largest Asia-based private equity fund in history, despite falling short of its original $5bn target.
The firm, which is led by Ong brothers Richard and Charles, expects to finalise the $3.5bn fundraise in early March, according to Reuters.
RRJ’s latest fundraise has dwarfed the $2.3bn the firm raised for its Capital Master Fund I in 2011, which closed $300m over target. However, it is below the $4.1bn collected by Australia’s Pacific Equity Partners in 2008.
Copyright © 2013 AltAssets