The Chinese private equity house launched by former Shanghai Media Group president Ruigang Li has pulled in more than $950m for the final close of its third dollar fund.
CMC Capital Partners now has more than $2.5bn of capital under management following the raise across three dollar funds and two renminbi vehicles.
The vehicle marks an impressive streak of fund size increases at the firm, which raised $350m for its debut dollar vehicle in 2014 and $600m for its sophomore fund in the strategy in 2017.
Since its first RMB fund in 2010 the firm has transformed from a media sector focused fund to a full market-oriented private equity platform, targets deals in the media and entertainment, tech, consumer, medical and telecoms sectors.
Its high-profile investments to date include backing football giant Manchester City.
Ruigang Li – sometimes dubbed ‘China’s Rupert Murdoch’, was president of the Shanghai Media Group from 2002 to 2011.
He said, “Our limited partners represent some of the most experienced top tier institutional investors in the world.
“The successful closing of the new fund reinforces our long-term presence in China and the expansion of our investment platform in the local market.
“We are grateful for our partners’ recognition and endorsement of our unique vision and expertise in nurturing industry leaders in the region and the outstanding, decade-long investment track record we have achieved so far.”
CMC Capital has made over 50 investments in the growth and expansion stage across its target sectors, including IMAX China, Star TV, iQIYI, Bilibili and NetEase Music.
Two years ago the firm picked up a $1.49bn investment from Chinese companies Alibaba and Tencent, among other backers.
Li added, “In our focused industries, China is gradually playing a more and more important role in the global market.
“We believe that with our team’s rich investment and operational experience, extensive network of resources, in-depth understanding of the market, and unique regulatory navigation capabilities, we will continue to explore high-quality investment opportunities, help more companies to achieve value enhancement, and create substantial returns for our investors.”
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