AVCJ

Hopu’s Ong to raise $2b solo fund

  • Maya Ando
  • LinkedIn  
  • Google plus  
  • Save this article  

Richard Ong, one of the founding partners of Hopu Investment Management Co., a successful China’s buyout firm, is said to be leaving the firm to set up his own fund, which plans to raise $2 billion, according to reports first published by the Wall Street Journal.

The new fund is apparently called RRJ Capital, and it will become one of the largest funds dedicated to Asian markets. The report noted that the fund is aiming to hold a first close at $1.5 billion – a target set at the end of March. The second close for the full $2 billion is slated for early June this year. While RRJ will focus on similar sectors to Hopu, Ong intends to adhere more strictly to traditional private equity investment style deals, where Hopu was a more flexible investor, undertaking PE, hedge fund block trades and banking style roles as well.

Richard Ong spent 15 years at US investment bank Goldman Sachs, which he joined in 1993. He left GS in 2008 to join fellow GS banker  Fan Fenglei and former KPMG executive Dominic Ho establish Hopu.

 

  • LinkedIn  
  • Google plus  
  • Save this article  

More on Fundraising

Latest News

world-hands-globe-climate-esg
Asian GPs slow implementation of ESG policies - survey

Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...

  • GPs