Chinese private equity firm Harvest Capital has hit the first close of a new RMB-denominated consumer-focused fund at 3 billion yuan ($446.52 million), according to an announcement.
The Shanghai-based company said it would ‘closely collaborate’ with other investors, portfolio companies and their management teams in consumption and modern service fields to pursue sustainable growth in investment returns.
Founded in November 2014, Harvest Capital is a private equity firm that focuses on investments in the military, advanced manufacturing, and consumption industries, which includes consumer goods, services and entertainment. The firm prefers to make localized industry investments.
The investment firm, formerly known as Sino-Can Harvest Capital, earlier closed its second USD-denominated fund – Great China Motivation Fund Phrase I – at $300 million.
Its backers include China Agricultural Bank-owned ABC International and China Orient International, a wholly-owned subsidiary of China Oriental Asset Management Corporation.