China Renaissance raises nearly $1 billion for latest yuan fund By Reuters

China Renaissance raises nearly $1 billion for latest yuan fund

EconomyJul 28, 2019 10:11PM ET

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China Renaissance raises nearly $1 billion for latest yuan fund

HONG KONG (Reuters) - Investment bank China Renaissance said it has raised more than 6.5 billion yuan ($945 million) in its latest yuan-denominated fund, giving the firm adequate firepower to invest in the world's second-largest economy.

The firm, led by one of the country's most famed rainmakers Bao Fan, said in a statement on Monday that its private equity arm Huaxing Growth Capital had raised its third yuan fund totaling over 6.5 billion yuan, with oversubscription of more than 1 billion yuan.

The fund has secured "great interest" from investors, known as limited partners (LPs), such as China's National Social Security Fund, banks, insurers, funds-of-funds and university alumni funds, it said.

($1 = 6.8791 Chinese yuan renminbi)

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Comments (1)

Lloyd McCord Jul 28, 2019 11:28PM ET

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This is the American page, and yet Reuters continues to shove their unbridled love for China down our throats. It would be nice if they ran an occasional piece about America that is positive. If we wanted to read about China constantly, we'd click on the China page.

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China Renaissance raises nearly $1 billion for latest yuan fund

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