Shanghai Chengtou Holding to invest $62m in Hony Capital’s new China fund

Shanghai-listed property developer, Shanghai Chengtou Holding has committed RMB400 million ($62 million) to Hony Capitals latest China fund.

Shanghai Chengtou is also a portfolio company of Hony Capital, which is the second largest shareholder in the LP. It had acquired a 10 per cent stake in the listed company for RMB1.8 billion in 2013.

The GP (Hony Capital) is also raising a $600 million co-investment side vehicle that allows LPs to participate in cross-border transactions outside of China. Prospective foreign portfolio companies are expected to have strong growth potential in China, Shanghai Chengtou added in a filing.

The fund will invest in mainland China, Hong Kong and Taiwan, where half of the corpus is expected to be deployed in state-owned enterprises (SOEs) that need to be reorganized in both private and public markets.

It will also invest in private companies that are undergoing restructuring or transformation, or are in distress.

Hony Capital Fund VIII has a target of $2 billion for the core corpus, but had reached a first close of $1 billion in late last year.

Also read:

Hony Capital hits $1.25b mark on new Greater China-focused fund

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.