China Renaissance raises $1b for latest yuan fund

Fan Bao, chairman and CEO, China Renaissance Group

China Renaissance Holdings Ltd said it has raised over 6.5 billion yuan ($945 million) for its latest yuan-denominated fund, as the investment bank prepares to invest further in sunrise industries in the world’s second-largest economy.

The firm in a statement on Monday said its private equity arm Huaxing Growth Capital had raised its third yuan fund totalling over 6.5 billion yuan, with over-subscription 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.

China Renaissance is a major player in the country’s buoyant technology sector and has advised on top deals including the formation of ride-hailing giant Didi Chuxing.

The investment bank in recent years has looked to push beyond its core merger-and-acquisition advisory and securities underwriting business and sharpen focus on areas including investment management.

Its Huaxing Growth Capital unit joins several China-focused private equity and venture capital managers which have managed to raise fresh capital to cut deals in the country in the face of tighter liquidity amid Sino-U.S. trade tension and the government’s war on debt.

Launched in 2013, the Beijing-based arm which had about $4.1 billion worth of assets under management as at the end of 2018, will focus the new fund on areas including technology, consumption, new energy and advanced manufacturing, it said in the same statement.

The unit currently manages three yuan-denominated funds and another three U.S. dollar funds. It has invested in over 90 firms across new economy sectors, of which 19 have gone public, including online food delivery-to-ticketing firm Meituan Dianping and medical tech platform WuXi AppTec Co Ltd .

Reuters

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.