China: Primavera, CITIC PE to raise dollar funds totalling $5b

China: Primavera, CITIC PE to raise dollar funds totalling $5b

U.S. one dollar banknotes. Photographer: Tomohiro Ohsumi/Bloomberg

Chinese firms Primavera Capital Group and CITIC Private Equity plan to raise new dollar-denominated funds totalling around $5 billion in a bid to bolster their firepower for offshore investments, six sources told Reuters.

Over the past year, private-equity (PE) firms have become increasingly active in overseas dealmaking, enjoying greater flexibility with offshore fundraising abilities versus the more domestically-focused firms that have been hit by Beijing’s measures to curb a rampant outflow of capital.

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