AVCJ

CDH Investments targets $2b buyout fund – report

  • Alvina Yuen
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China's CDH Investments is reportedly targeting as much as $2 billion for its latest fund, joining a host of PE players seeking to raise multi-billion dollar vehicles in the region.

The move also comes at a time when China fundraising is slowing. According to AVCJ Research, PE funds focused on the country have received $22 billion so far this year, compared with $33 billion in the same point in 2011.

Established in 2002, CDH has more than $7 billion in assets under management, Reuters reported. The private equity firm closed its previous US dollar-denominated fund, CDH Fund IV, at $1.45 billion in April 2010. Canada Pension Plan Investment Board, Texas Country & District Retirement System, CDC, International Finance Corporation and the Rockefeller Foundation are among the LPs.

Private equity firms currently in the market in Asia include KKR, which reached the halfway point on its $6 billion second fund in June, while TPG Capital and The Carlyle Group are also said to be seeking $4 billion and $3.5 billion. RRJ Capital is targeting up to $5 billion, MBK Partners wants $2.25 billion and FountainVest is nearing a final close of around $1.35 billion.

Bain Capital and PAG have already completed their fundraising, attracting $2.3 billion and $2.4 billion, respectively.

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