China Renaissance targets $750m for fund III

Park Hill will serve as placement agent for the fundraise, AVCJ has been told.

CRCI has $1.3 billion in funds under management across its growth and venture funds, and has made cash distributions to LPs in 2012 amounting to $100 million.

In July, the private equity firm exited Hong Kong-listed Anton Oil as part of Schlumberger's acquisition of a 20.1% stake in the company for an undisclosed sum. According to AVCJ Research, CRCI invested $32 million in the company across two rounds in 2006 and 2007 and held a 17.84% stake at the end of 2011.

CRCI has also exited water filtration technology business Grant this year and made several investments, including an apparel supply chain management company.

China Harvest Fund II reached a final close in early 2010 on $600 million, compared to $540 million for its 2005 vintage predecessor. CRCI's first venture-focused vehicle, China Spring Fund, was launched in 2006.

According to a presentation cited by Bloomberg, China Harvest Fund II's portfolio had generated a 1.7x money multiple and an IRR of 46.6% on $347.1 million of invested capital as of June 30. Meanwhile, its predecessor was producing 1.7x and 16.7%.

CRCI was founded in 2005 by Mark Qiu, formerly CFO at China National Offshore Oil Corp. (CNOOC), alongside George Li and Hung Shih, both of whom used to work for UBS in China. The private equity firm has more than 25 investment professionals based in Hong Kong, Beijing, Shanghai and Chengdu.

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• Topics
• Fundraising
• Greater China
• Expansion
• China Renaissance Capital Investment
• China
• Fundraising
• Growth capital