China Resources Capital raises $153m for debut RMB fund
China Resources Capital (CRC) has raised RMB956 million ($153 million) for its debut local currency fund. The vehicle has also announced its first deal – a co-investment with mainland property developer China Vanke in a Shanghai residential project.
Investors responded favorably to the fund, which was more than two times oversubscribed within two weeks of its launch.
Harvest Capital, a private equity real estate subsidiary of CRC, will serve as general partner and fund manager in collaboration with its affiliate, domestic trust company China Resources SZITIC Trust. CRC is a unit of China Resources Holdings, a mainland conglomerate with interests spanning the construction and real estate, utilities and consumer sectors, and five subsidiaries listed in Hong Kong.
"This is a breakthrough for Harvest Capital as we leverage our outstanding investment management track record in US dollar funds to expand into renminbi funds," said Jiang Wei, chairman of CRC and vice president of China Resources Group. "The launch of our first renminbi fund is an important step forward as we continue to develop into a multi-strategy and cross-industry fund manager."
CRC serves as the financial services platform of China Resources Holdings, operating in banking, trust and investment management spaces.
According to AVCJ Research, Harvest Capital has previously raised three US dollar-denominated funds, most recently the 2009 vintage CR China Retail Real Estate Development Fund I, which focuses on property projects in tier two and tier three cities. Harvest is led run by CEO Jiang Wei, who replaced Rong Ren last year.
More on Renminbi fund
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