(Yicai Global) Sept. 10 -- China Renaissance has raised another USD600 million for its flagship investment management fund, lifting the private equity firm’s assets under management to close to CNY40 billion (USD5.9 billion), the company said today.
Investors are mainly investment institutions and individual investors from Europe, Asia and the Middle East, including sovereign funds, banks, fund of funds and family offices, China Renaissance said on its WeChat account without going into any further details. The Huaxing Growth Capital fund will focus on the three main areas of technological innovation, consumption classification and industrial upgrading, it added. It will have an investment cap of USD50 million in any single entity. The fund previously drew in investment of CNY6.5 billion (USD950 million) last July.
Beijing-based China Renaissance has investments in more than 100 new economy companies, including life service platform Meituan Dianping, pharmaceutical firm WuXi AppTec and advertising company Focus Media. Two of its picks, new energy vehicle start-up Li Auto and online real estate broker Ke Holdings, recently went public in the US.
China Renaissance started out as an investment consulting agency in 2005. In 2013 it obtained a US securities business license and began its private equity business. It manages seven private equity funds and several special funds. It also runs brokerage Huajing Securities.
Editor: Kim Taylor