Fledgling Chinese private equity investor GenBridge Capital has reportedly struck its $500m hard cap to close its debut consumer-focused fund.
AVCJ said the firm beat its $400m target for the fundraise, which was launched this time last year, with Singapore sovereign investor GIC acting as an anchor investor.
Chinese online retailer JD.com was also a sizeable investor, the report added. GenBridge has two members of JD.com’s M&A team in its founding team.
Earlier this year World Bank investment arm IFC revealed it planned to commit up to $25m to the fund, which will target consumer businesses in China.
Last week Chinese buyout giant CDH Investments has launched its sixth China fund targeting up to $2.5bn.
If it hits its target it would equal its predecessor, which collected the same amount in 2014, but comfortably beat its $1.45bn 2010 vehicle.
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