China’s Harvest Capital closes second offshore fund at $300m
Harvest Capital, formerly Sino-Can Harvest Capital (SCHC), has closed its second US dollar-denominated fund – Great China Motivation Fund Phrase I – at $300 million.
Investors include China Agricultural Bank-owned ABC International, China Orient International, a wholly-owned subsidiary of China Oriental Asset Management Corporation, onshore and offshore listing companies, insurances and high-net-worth individuals (HNWIs).
The fund will invest in growth stage Chinese companies across the consumer and advanced services industries. It will also invest in offshore enterprises looking to expand into China.
The fund made the first investment last month, injecting over $20 million for an undisclosed stake in Boloni Home Decor Boloni, a Beijing-based high-end kitchen and bathroom appliances producer.
The company previously raised capital from Goldman Sachs, Legend Capital, Hony Capital, Temasek Holdings, Morgan Stanley Private Equity Asia and Hong Kong property developer Sun Hung Kai.
Founded in 2006, Harvest Capital operates investment banking services, private equity investment and HNWI asset management businesses.
It claims to have established a national enterprises tracking system, which covers 280 industries and over 15,000 potential enterprises that meet the IPO criteria. Another dedicated unit provides financial solutions to Chinese enterprises.
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