Hopu’s Fang Fenglei to raise comeback fund
Fang Fenglei, a former Goldman Sachs banker and co-founder of China Hopu Investment Management, is looking to raise at least $2 billion for his new fund - three years after winding down the previous vehicle.
According to Reuters, the new fund, named Hopu Master Fund II, has already received $1 billion in commitments,
Fang and his fellow Goldman alum Richard Ong formed Hopu Investment Management in 2007, raising $2.5 billion for Hopu Master Fund I. It made a string of high-profile investments, ranging from a $771 million PIPE investment in Bank of China to a $20 million growth capital commitment for Lung Ming Investment.
However, Hopu disbanded in late 2010 amid reports that Ong and Fang could not get along.
Ong set up his own private equity firm RRJ Capital after departing from Hopu. His brother Charles Ong was seconded to the firm by Temasek in 2011. RRJ Capital, which is based in Hong Kong, reportedly raised $3.5 billion for its second fund in February.
The new fund is expected to follow a similar remit to that of its predecessor, which has made a string of natural resources investments in North America, searching for assets that are strategically aligned with Asia's energy needs.
More on Greater China
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.