China’s CITIC Private Equity (CPE) aims to raise US$3 billion in a new dollar-denominated fund and has reached a first-close of US$1.8 billion, a person with direct knowledge told Reuters on Friday.
CPE is planning to complete the fundraising by year-end, said the person, who declined to be named as the information is confidential. After the first-close, which happened a week ago according to the source, CPE can now start deploying capital from the new fund while investors can continue to commit funds to it. Some of the firm’s existing investors, including Singaporean state investors GIC and Temasek, re-upped their commitments to the new fund, said the person.
CPE, which counts ride-hailing firm Didi Chuxing and JD Health International Inc in its portfolio, did not immediately respond to a query for comment. Its fundraising comes as PE firms in Asia tap markets flush with liquidity due to authorities’ post-pandemic economic stimulus measures, while pension funds and other investors hunt better returns in a low interest rate environment. Asia-focused funds raised US$126 billion in 2020, down 39 per cent year-on-year and nearly 50 per cent less than the average of the previous five years, Preqin’s data showed.
Read more/Source: The Business Times
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