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Everbright ReinFore closes debut China fund at $355m

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Everbright ReinFore, a China-focused PE firm that spun out from an offshore asset management arm of China Everbright Group, has reached a final close on its debut fund at approximately $355 million across two vehicles.

The GP initially targeted $200 million for the US dollar-denominated vehicle - China Everbright ReinFore Special Opportunities Fund - but raised its hard cap to close at $255 million in order to accommodate high-quality institutional LPs, according to a source familiar with the situation. Investors in the offshore vehicle include endowments, insurance companies, family offices and fund-of-funds.

In addition to that, the GP raised a renminbi vehicle with value equivalent to $100 million from domestic endowments and fund-of-funds. The dual currency funds, which will act in parallel when making investments, are expected to provide better access to deals in China.

Everbright ReinFore is led by a group of senior executives who previously worked with China Everbright Holdings, a Hong Kong-listed offshore asset management platform controlled by the parent company China Everbright Group. They set up Everbright ReinFore in 2013 in partnership with China Everbright Financial Holding Asset Management (EBAM), an onshore multi-asset management platform owned by the same parent.

Although the GP is under state-owned China Everbright Group's umbrella, its operation is fully independent. The debut fund focuses on growth and late-stage companies in three core sectors: consumer and retail, environmental, and advanced manufacturing.

It has already made five investments, including food product manufacturer Yanzhifang, fiberboard maker Honhung, wind farms developer High Drive, sapphire equipment maker CGEE and online lending platform Huasheng Finance.

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