Hony Capital seeks to take foreign tech firms into China
Hony Capital wants to take US and European technology companies into China, exposing them to new markets and adding value to their business, according to John Zhao, the private equity firm’s CEO and managing partner
Zhao was echoing remarks he initially made at the AVCJ China summit last month.
Zhao told Reuters that Hony's investment in Singapore-listed Biosensors International Group is a good example of the kind of deal he is trying to do. Hony last year bought a 30% stake in Biosensors and took a seat on the board. It plans to use its local knowledge to increase the company's market penetration in China.
Zhao said that Hony would begin raising its fifth US dollar fund before the end of 2011. The fund is likely to be smaller than its predecessor, which raised $1.4 billion in 2008, with only existing investors invited to participate.
Hony has raised four US dollar funds and two renminbi funds, and has around $4.4 billion in assets under management. Previous investors include the Bill and Melinda Gates Foundation, CalPERS, Goldman Sachs and Temasek Holdings.
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