China’s Ascendent Capital said to close Fund III on more than $1bn


Chinese buyout house Ascendent Capital Partners has reportedly passed $1bn for the final close of its third fundraise.

The firm launched the $800m-targeting raise at the start of 2019, and set an $850m hard cap for the vehicle last summer according to an AVCJ report at the time, which cited an unnamed source.

A new report from the news service says Ascendent has now closed the vehicle on $1.03bn, with $950m coming from institutional investors. It again cited an unnamed source.

UBS Securities has been working as a placement agent for the fund in the US and abroad, a regulatory document from last May showed.

Ascendent closed its second China fund on $600m in 2015 after fourth months on the road and beating its target by $100m. The firm’s debut fund closed on $365m back in 2012.

The firm typically invests in large-scale Chinese companies in sectors such as manufacturing, premium retail, new energy and real estate.

The buyout house was launched in 2011 by Meng Liang, a former partner and Greater China CEO for DE Shaw, and Kevin Zhang, a former Goldman Sachs partner who was co-head of its Asian Special Situations Group from 2005 to 2009.

Ascendent has previously backed Chinese business BioChain, SciClone Pharmaceuticals and WH Group.

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