China’s Harvest Capital hits $446m first close on consumer fund
China-based Harvest Capital, formerly known as Sino-Can Harvest Capital (SCHC), has reached a first close on its new consumer-focused fund at RMB3 billion ($446 million).
The GP didn’t specify a target for the vehicle, which is called Harvest (Tianjin) Consumer Service Industrial Investment Fund. It said the investment themes will be similar to those pursued by previous funds, with a particular emphasis on growth-stage companies in the consumer and advanced services sectors, according to a statement.
Established in 2007, Harvest has over RMB10 billion in assets under management and participates in investment banking and asset management for high net worth individuals (HNWIs) as well as private equity. It claims to have established a national enterprise tracking system that covers 15,000 companies across 280 industries that meet IPO criteria. Another dedicated unit provides financial solutions for Chinese enterprises.
The firm launched the RMB500 million JiaHua JinTian (Tianjin) Equity Investment Fund with China Orient Asset Management Corporation in 2010. Four years later, it closed its second US-dollar denominated fund, Great China Motivation Fund Phase I, at $300 million.
Past investments include snack businesses Chacha Food and Laiyifen, the first of which is listed in Shanghai; Beijing-based Easyhome Furnishing, which is seeking a Shenzhen listing through a reverse merger; and Hong Kong-listed online-to-offline services platform Meituan-Dianping.
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