China’s Poly Real Estate commits $380m to Didi via PE fund
Chinese state-owned Poly Real Estate Group has set up a private equity fund worth RMB2.5 billion ($380 million) to invest in Chinese leading ride-hailing app Didi Chuxing as part of its latest round.
Shanghai-listed Poly Real Estate said in a filing that the vehicle, named Zhuhai Li Hui Fund, is a single project fund, acquiring a 1.46% in Didi Chuxing. The purpose of the fund is to create financial returns, Poly said. It will be managed by Poly Capital, a captive private equity arm set up by the parent company Poly Group, focusing on property development, commercial real assets, logistics and industrial property investments.
Last week, Didi Chuxing announced it raised $7.3 billion in new funding, comprising $4.5 billion in equity and $2.8 billion in debt. The round is said to value the company in excess of $25 billion.
Several of the equity investors have already been disclosed: a unit of China Life Insurance contributed $300 million, while Apple invested $1 billion, and a further $400 million came from Alibaba Group and its affiliate Ant Financial. Poly Real Estate participated in the round as one of the new shareholders, alongside existing backers such as Tencent Holdings, SoftBank and China Merchants.
China Merchants Bank - which became an equity investor in the company last year - was also the arranger for a syndicated debt package worth $2.5 billion, while China Life provided an additional RMB2 billion in long-term debt for the firm.
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.