Sydney-based private equity firm, Wattle Hill RHC – with focus on Chinese and Australian markets – has hit a first close of its new fund at $200 million with a final target of $300 million. The fund is scheduled to see its final close in 2017.
The first close was backed by one of the world’s largest insurance groups in Europe and largest privately owned insurance companies in China, the company said, in a brief statement on its website.
Based in Sydney, Hong Kong and Beijing, Wattle Hill invests in Australian and New Zealand companies with a focus on China’s market.
Watte Hill was founded by Albert Tse, who had worked as a legal representative at Macquarie Bank.
Tse and his wife, Jessica Rudd in October, invested in Buderim Ginger together with Asia Mark Development (AMD), a business associate of QiaQia Food Co from China for a total of $20 million, taking an initial 23 percent stake in Buderim Ginger. (Jessica Rudd is the daughter of former Australian prime minister Kevin Rudd. She is also the who is a local ambassador for Jack Ma’s internet giant Alibaba).
This investment in Buderim Ginger was Wattle Hill’s debut deal.
In a report, The Australian Business Review said Tse’s advisory board includes Nick Greiner, premier of New South Wales, Ashok Jacob, chief of Ellerston Capital, former Howard government minister, Warwick Smith and Australian Football League’s commissioner, Gabrielle Trainor.