CITIC PE raises $990m second fund
China-focused CITIC Private Equity Funds Management (CITIC PE), has closed its second fund, the CPEChina Fund, L.P., with $990 million of committed capital.
The vehicle’s predecessor, the Mianyang Private Equity Fund, closed in December 2009 with RMB9 billion ($1.4 billion) of committed capital.
CITIC PE said in a release that the strong demand from international investors in its second fund - which was oversubscribed - exceeded its expectations. Specifically, 39 institutions classified as sovereign wealth funds, pension funds, endowments, family offices, fund of funds, banks, insurance companies and other financial institutions contributed capital to the nearly $1 billion vehicle. These investors are from North America, Europe, the Middle East and Asia.
The CPEChina Fund will focus on investments in local companies and those that have substantial operations in China. The fund will largely be sector agnostic, with CITIC PE claiming that areas such as manufacturing, technology, financial services, energy, healthcare and retail will be considered. The CPEChina Fund will also support cross-border M&As championed by local enterprises.
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