China’s Tiantu in $63m first close on debut US dollar fund
Chinese GP Tiantu Capital has reached a first close of $63 million on its debut US dollar-denominated fund. A final close of $100 million is targeted for before the end of the year.
The vehicle, Tiantu China Consumer Fund I, received $38 million in commitments from family offices and fund-of-funds in Asia and the US, while an additional $25 million was contributed by the GP.
At least 30 more Chinese GPs that started off in the renminbi fund space launched debut US dollar vehicles last year. They are typically the private equity affiliates of Chinese banks, corporations and hedge funds, but there are a few independents in the mix as well. However, industry participants say those that are capable of closing a US dollar fund could probably be counted on the fingers of one hand.
Tiantu, mainly invests in China's consumer sector, closed its six renminbi-denominated fund on RMB1 billion ($160 million) in August last year. As of the end of June, the PE firm had more than RMB2.5 billion under management. It has made over 60 investments worth RMB6 billion.
Separately, the firm has agreed to pay RMB100 million for a 15% stake in Muwu, a Shenzhen-based barbeque restaurant chain. The deal makes Tiantu to become the second-largest shareholder.
Founded in 2003, Muwu has 12 outlets in Shenzhen and three in Beijing. According to local media, the company plans to use the new funding to ramp up its exposure in other Chinese cities.
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.