China focused buyout house DCP Capital has reportedly raised around $2.5bn for its debut US dollar and yuan funds, two years after being co-founded by former KKR & Co Greater China head David Liu.
The firm raised over $2bn for its “significantly” oversubscribed DCP Capital Partner I dollar fund, DCP said in a statement seen by Reuters.
Both funds together received about $2.5bn of capital commitments, from investors such as Singapore sovereign wealth fund GIC, Temasek Holdings and Caisse de depot et placement du Quebec a person with direct knowledge of the matter told Reuters.
The firm said it will pursue buyouts and significant minority investment deals in sectors benefiting from consumption upgrade and industry consolidation in Greater China. Targets sectors include consumer, industrial technology and healthcare among others.
DCP has already invested around 30 per cent of its capital in around seven companies located mainly in China, including COFCO Meat, Venus Medtech and MFS Technology.
DCP was set up in 2017, by Liu and former senior KKR executive Julian Wolhardt, who had both previously led Morgan Stanley’s private equity business in Asia.
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