Boyu Capital said to close US Dollar Fund on $3.6bn


Chinese private equity major Boyu Capital has reportedly raised $3.6bn for the final close of its latest US dollar-denominated fund.

The fund is Boyu’s fourth in the series and represents its largest fundraise to date, people with direct knowledge of the matter told Retuers.

Investors in the fund include Hong Kong’s richest man Li Ka-shing and Singapore state investment majors Temasek and GIC, the people added.

The fund also secured almost $40m from the New York Common Retirement Fund, according to documents from December published by the New York State Comptroller, Thomas P DiNapoli.

It was reported last year the firm was months away from a $3bn raise for the fund, but the firm did not reach the $4bn figure also floated around the time of the first reports.

Boyu closed its third US dollar PE fund on about $2.1bn in 2016, generating an IRR of 37.5 per cent at the end of June. The firm has steadily been pulling in more capital with each iteration, with Fund I raising $1bn and Fund II pulling $1.6bn.

The firm is focused backing Chinese businesses in the consumer & retail, financial services, healthcare and media & technology sectors.

Boyu was founded in 2010 and is led by a group of native Chinese partners including former TPG Capital senior executive Mary Ma and Alvin Jiang.

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