New Horizon targets fourth fund worth $750m
New Horizon Capital is looking to raise a new fund just over a year since closing its previous vehicle and without the involvement of co-founder Winston Wen Yunsong, son of Chinese Premier Wen Jiabao.
Prospective investors told Dow Jones that the target for New Horizon Capital IV is $750 million, the same amount raised for the third fund. Wen and Yu Jianming founded New Horizon in 2005, raising $100 million for the first fund. A second fund attracted $500 million in 2007.
Past investments are said to include Goldwind Science & Technology, Sinovel Wind Group, Cathay Industrial Biotech, Changsha Zoomlion Heavy Industry Science & Technology Development, Meihua Biotech and Shineway Group, all of which have gone on to list on domestic or international exchanges.
Wen departed the company last autumn to work for a unit of China Aerospace Science & Technology Corp., a state-owned enterprise. The news was made public through disclosures relating to New Horizon's retreat from a pre-IPO investment in Sihuan Pharmaceutical.
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