China’s CITIC Capital mops up $2.8b for its biggest PE fund

Visual from CITIC Capital's website

CITIC Capital, the flagship alternative investment arm of Chinese financial conglomerate CITIC Group, said it raised $2.8 billion in its fourth China buyout fund, bolstering its ability to cut deals in the world’s second-largest economy.

The CITIC Capital China Partners IV, the firm’s biggest private equity fund to date, received “strong” interest from a mix of existing and new investors including pension and sovereign wealth funds, insurers and family offices, CITIC Capital said in a statement on Thursday.

Like the previous funds, the latest fund, which is dollar-denominated, will seek control-investment opportunities with a China angle across sectors, including consumer, healthcare and technology, it said.

CITIC Capital joins several China-focused private equity and venture capital managers who raised $17.3 billion in dollar-denominated funds in the first half of 2019, versus $13 billion over the same period last year, according to data provider Preqin.

Founded in 2002, the firm has over 200 portfolio companies and is known for its investment in leading Chinese delivery business SF Express and the Chinese unit of McDonald’s.

In 2016, it also joined a consortium formed by gaming and social media heavyweight Tencent Holdings Ltd to acquire Finnish game developer Supercell.

With the new fund, Hong Kong-based CITIC Capital manages over $26 billion in assets, with investment focus on traditional private equity deals, real estate and asset management. It raised $1.58 billion for its third China buyout fund in 2017.

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.