CITIC Private Equity raises $1.3b for second US dollar fund

The vehicle is the successor to CPE China Fund, which closed in April 2011 at $990 million. CITIC PE was set up in 2008 by Lefei Liu, whose father, Yunshan Liu, is a member of the Politburo Standing Committee, China's top decision-making body.

The private equity firm also operates three renminbi funds, according to its website: two general private equity vehicles, one of which closed at RMB9.4 billion ($1.5 billion) in 2010, and another that is targeting RMB10 billion; and a mezzanine vehicle with a target of RMB5 billion.

AVCJ Research's records indicate that the second renminbi fund closed at RMB11.9 billion in October 2012. Its LPs include China Life Asset Management and the National Council for Social Security Fund (NSSF).

Recent transactions involving CITIC PE include the acquisition of a majority stake in Hong Kong-listed Jin Cai Holding alongside Beijing Enterprises Water Group for HK$3.7 billion ($477 million). It also participated in a $100 million round for Humin, a B2B and B2C e-commerce platform, and a $75 million round for cancer drug developer BeiGene.

The firm has several notable portfolio companies in the technology space, including classifieds site Ganji.com, which recently sold a substantial minority stake to industry peer 58.com at a valuation of $3.7 billion, and taxi-booking platform Didi Dache. The latter recently merged with rival Kuaidi Dache to create a combined entity said to be worth around $6 billion.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• Fundraising
• Greater China
• Citic Private Equity
• China
• Fundraising