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.