Mandarin Capital opens offices in Beijing, Munich
Sino-European private equity firm Mandarin Capital Partners is opening two new offices in Beijing and Munich, Alberto Forchielli, the firm's founding partner, told AVCJ. The moves come as the PE player is in the process of raising its EUR1 billion ($1.3 billion) second fund.
The Beijing office will start operations within the coming week. Yani Kong, who worked previously at Nature Elements Capital, has joined the office as vice president. Mandarin Capital's total China workforce - including the existing Shanghai office - is expected to grow to 18 people.
"We have many investment targets in northern China," Forchielli said. "Furthermore, just like the first fund, we need large and sophisticated LPs, which are more likely to be based in Beijing."
Forchielli has also temporarily moved to Munich to get the German operations started. The Munich office is currently in the final stage of recruiting members for its investment committee, advisory board and board of directors. The staff will grow to 12 in the next five years.
Mandarin Capital is targeting a EUR500 million first close for its second fund in March 2013. The vehicle - which will mainly invest EUR20-80 million in advanced manufacturing and services companies across China and German-speaking areas of Europe - is already investing.
In August, sources told AVCJ that Mandarin Capital will team up with Hony Capital to finance the spin-off of Chinese construction equipment manufacturer Zoomlion's sanitation machinery business. It is one of two deals - together worth around EUR100 million ($125 million) - that the Sino-European GP expects to close later this year.
The second deal involves a large Chinese fashion company. It follows the private equity firm's EUR40 million commitment to Miroglio, the second-largest women textile group in Italy, last year.
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