JD Capital reaches $200m final close on second US dollar fund
Chinese GP JD Capital, formerly known as Jiuding Capital, has achieved its target of a $200 million final close on its second US dollar-denominated fund.
Jiuding China Growth Fund II, which was launched in January, attracted investors including sovereign wealth funds and insurance companies from North America and Asia, according to a regulatory filing.
The private equity firm reached a $150 million first close in March. Disclosed investors include Singapore sovereign wealth fund, Allianz Group, Allstate Insurance, Partners Group and family office BMW.
JD raised its debut $120 million US dollar fund in 2010 from fund-of-funds, Temasek Holdings-owned Vertex Ventures, Allianz and BMW. Several LPs are said to have been motivated by co-investment opportunities.
The new fund will invest in growth-stage companies across the retail, pharmaceutical, agriculture, mining and services sectors. The GP will focus on equity investment, M&A and state-owned enterprises (SOE) restructuring.
In June, JD invested RMB$60 million ($10 million) in a Series A round of funding for Cheeris, a Guangzhou-based hair accessories maker. The investment was made both from its renminbi and the second US dollar fund.
Separately, at least 30 more Chinese GPs that started off in the renminbi fund space launched debut US dollar vehicles last year. Consumer-focused GP Tiantu Capital secured a first close of $63 million on its debut US dollar fund early this month. A final close of $100 million is targeted before the end of the year.
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