RRJ makes Fund III filing, registers $762m
RRJ Capital has made a US regulatory filing for its third China and Southeast Asia-focused fund, indicating that $762 million has been committed by LPs so far. This does not necessarily reflect the full extent of the GP’s fundraising efforts.
The $762 million comes from 18 LPs, according to the filing. RRJ Capital Master Fund III launched earlier this year and is understood to be targeting at least $4 billion. Early commitments have come from the likes of Teachers' Retirement System (TRS) of the State of Illinois, which has agreed to contribute up to $75 million.
RRJ was set up by Richard Ong, formerly of Goldman Sachs and Hopu Investment Management, who now runs it with his brother Charles, previously of Temasek Holdings.
The firm closed its debut fund at $2.3 billion in 2011 and followed up with a second vehicle worth $3.6 billion in 2013. LPs in Fund II include China Investment Corporation, District of Colombia Retirement Board, New York State Common Retirement Fund, Oregon State Treasury, San Francisco Employees' Retirement System, Temasek, and Texas County & District Retirement System.
RRJ primarily pursues investments in Asia - targeting growth capital, state-owned enterprise and special situations transactions - although the portfolio covers North America and Europe as well, usually where there is a strategic Asian angle.
In January, RRJ and the International Finance Corporation (IFC) agreed to subscribe to S$113.5 million ($85 million) in new shares issued by China Everbright Water, a Singapore-listed environmental protection and alternative energy business. The previous month the GP teamed up with Philippines-based quick service restaurant operator Jollibee Foods Corporation to launch Dunkin' Donuts in China.
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