China's Ally Capital hits first close of RMB Fund III at nearly $79m, to continue fintech focus

Chinese private equity firm Ally Capital has reached the first close of its RMB-denominated Fund III at 500 million yuan ($78.5 million).

The first close of Fund III brings the Shanghai-based firm’s total assets under management (AUM) to nearly 2 billion yuan ($313.9 million), it said in a statement.