RRJ Capital targeting $5b Asia fund – report

RRJ has already received more than $3 billion in commitments from LPs and is targeting a first close in September, Bloomberg reported. The firm's first fund is said to have closed at $2.3 billion and is now 70% invested. Portfolio companies include Kulun Energy, Cheniere Energy, CK Life Sciences and Frac Tech Services.

Former Goldman Sachs executive Ong set up RRJ after departing from Hopu, reportedly due to tensions with co-founder Fenglei Fang. Hopu raised a $2.5 billion China fund in 2008 and made a string of high-profile investments, ranging from a $711 million PIPE investment in Bank of China to a $20 million growth capital commitment for Lung Ming Investment. Earlier this week, it exited part of its stake in China Mengniu Dairy.

RRJ has co-invested with Temasek Holdings in a number of its deals and the sovereign wealth fund is said to be an LP in the first fund. Ong' s brother Charles left his senior managing director role at Temasek to join RRJ last September.

RRJ will be competing for capital with a number of pan-Asian funds. KKR, TPG, Bain Capital and PAG are all currently raising new regional vehicles, while Morgan Stanley Private Equity Asia and Affinity Equity Partners are tipped to join them on the fundraising trail.

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• Topics
• Fundraising
• Greater China
• Southeast Asia
• RRJ Capital
• Temasek Holdings
• Hopu Investment Management
• China
• Southeast Asia
• Fundraising