China.com to sell LP stake in New Horizon fund to AlpInvest
China.com, a news agency listed on Hong Kong Growth Enterprise Market (GEM) board, will sell its entire stake in New Horizon Capital IV to AlpInvest Partners for $516,000.
According to regulatory filing, the LP stake will be acquired by AlpInvest Partners Primary Fund Investments. The transaction is expected to close before the end of July.
New Horizon Capital IV closed in October 2011 at $1.05 billion after just four months in the market, exceeding its original target of $750 million. Other investors include Axa Private Equity Asia and PRE Management. The fund invests state-owned enterprises and privately companies in China with a focus on consumer products and services, life science and healthcare, alternative energy and manufacturing industries.
China.com committed $4 million to the fund but only $516,138 had been drawn as of May 30 this year.
AlpInvest, which is controlled by The Carlyle Group, has EUR37 billion ($48 billion) of assets under management. It invests globally across primary fund, secondaries and direct investment channels.
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