CRCI reaches $180m first close on Fund III

China Harvest Fund III, which launched last autumn, is expected to reach a final close in the first quarter of next year, although it is uncertain whether the original target of $750 million will be reached, a source familiar with the situation told AVCJ.

This is the first fund CRCI has raised as a fully independent operator. Its previous three vehicles - China Harvest Fund I and II, which closed at $540 million in 2006 and $600 million in 2010, respectively, and VC-focused China Spring Fund - were all part of a strategic alliance with Credit Suisse.

While the Credit Suisse private banking network is understood to be supporting the fundraise - there are re-ups from existing LPs - there is no longer a formal relationship between the two groups.

According to AVCJ Research, CRCI currently manages around $1.5 billion in committed capital.

The private equity firm made cash distributions to LPs in 2012 amounting to $100 million. Exits included Hong Kong-listed Anton Oil, as part of Schlumberger's acquisition of a 20.1% stake in the company for an undisclosed sum, and water filtration technology business Grant.

CRCI was founded in 2005 by Mark Qiu, formerly CFO at China National Offshore Oil Corp. (CNOOC), alongside George Li and Hung Shih, both of whom used to work for UBS in China. The firm has more than 25 investment professionals based in Hong Kong, Beijing, Shanghai and Chengdu.

Park Hill is serving as placement agent for Fund III.

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• Topics
• Fundraising
• Greater China
• Expansion
• China Renaissance Capital Investment
• Fundraising
• Growth capital
• China