Washington State Investment Board to invest $200m in Centurium’s debut fund

Photo: REUTERS/Jason Lee

The $132.3-billion Washington State Investment Board (WSIB) has committed to invest $200 million in Beijing-based Centurium Capital’s maiden fund. Centurium Capital Partners 2018 LP is a mid-cap growth equity and buyout fund investing in the consumer and healthcare sectors in China.

The US pension fund said the investment was part of its private markets programme. WSIB invests in 74 countries, with total assets under management by 30 September 2018 stood at $132.3 billion. The allocation of private equity in its entire investment assets was 20.71 per cent, following public equity and fixed income.

Founded by former Warburg Pincus China head David Li, Centurium Capital had first set a target of $1.5 billion for the fund and raised the hard cap to $1.9 billion.

Prior to the $200-million commitment announcement by WSIB, it was reported that the China-focused fund had received almost $1 billion from sovereign wealth funds, fund-of-funds and big family offices in China and overseas.

Hamilton Lane is the independent consultant for WSIB in the investment.

With this debut fund, Centurium Capital has joined other China-focused fund managers such as Hillhouse Capital, Hopu Investment and Boyu Capital, who have raised large vehicles.

Meanwhile, global private equity firms are also raising massive pools for the region. KKR raised $9.3-billion Asian Fund III, and Mirae Asset Global Investments has obtained a licence to manage private equity funds in China, while a recent Reuters report said Warburg Pincus was looking to raise a $4 billion second China 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.