FountainVest Partners closes debut RMB fund at $246.5m

Photo by Kevin Lee/Bloomberg News

China-focused fund manager FountainVest Partners, which has raised three US dollar funds, has reportedly reached the final close of its debut RMB-dominated vehicle at RMB1.7 billion ($246.5 million).

FountainVest’s most recent fund was the FountainVest China Capital Partners Fund III at $2.1 billion, significantly larger than the second fund at $1.35 billion, which closed in 2012.

The private equity firm manages total assets of over $4.5 billion, according to its website.

The fundraise for its debut RMB fund was first reported by AVCJ. An email sent to FountainVest Partners has not elicited a response at the time of publishing this article.

The private equity firm said earlier that LPs in its third fund included pension plans, sovereign wealth funds, insurance companies and other institutions from North America, Europe, Australia, Middle East and Asia.

Founded in 2007 by Frank Tang, who led a team of former senior executives at Temasek’s China Investments, FountainVest Partners invests across sectors, with strong experience in healthcare, consumer retail, media and entertainment and lifestyle.

The firm does both control and growth capital deals in unlisted as well as listed companies, and focuses on large-sized transactions.

Its portfolio includes Sina Corp, Focus Media, PeaceBird, Key Safety System, Kehua Bio Engineering, Fangdd.com and most recently Amer Sports.

Also read:

HK-based FountainVest Partners closes $2.1b China-focussed PE fund

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.