China Renaissance raises $600m for latest PE fund

China Renaissance Holdings Ltd. has closed its Huaxing Growth Capital’s USD Fund III with more than $600 million in capital from a wide range of investors, including sovereign wealth funds, commercial banks, fund of fund and family offices across Europe, Asia and the Middle East. After the final close of USD Fund III, Huaxing Growth Capital's single investment size can be up to $50 million, officials announced. The fund is set to focus on New Economy growth-stage companies that are benefiting from the structural evolution of technological innovations, consumption upgrade and industrial transformation. “Over the past seven years, China Renaissance has invested in over 100 New Economy entrepreneurs and home-grown champions, and helped more than 30 of these companies go public in China and international markets,” said Fan Bao, chairman and CEO of China Renaissance, founding partner and CIO of Huaxing Growth Capital. “China's structural changes continue to create significant new investment opportunities. As we deploy our capital, we will adhere to our proven investment philosophy of bringing value to our portfolio companies and delivering strong returns to our investors." So far this year, the $5.8 billion Beijing-based firm has invested in a number of leading companies across various sectors, such as eRoad Software, Xingsheng Youxuan, MGI Tech (Huada Zhizao), HiRain Technologies and Insgeek. In addition, a number of China Renaissance's portfolio companies have successfully listed in the public markets this year, including Li Auto, Beike Zhaofang and Dada Group. Huaxing Growth Capital manages a total of six private equity funds, namely USD Fund I, USD Fund II, USD Fund III, RMB Fund I, RMB Fund II and RMB Fund III. Huaxing Growth Capital's portfolio companies include Meituan Dianping, Didi Chuxing, WuXi AppTec, MiningLamp Technology and Medlinker. China Renaissance launched its investment management business in 2013, and currently manages Huaxing Growth Capital and Huaxing Healthcare Capital. The firm's private equity funds had an internal rate of return ("IRR") of 33% as of June 30, 2020.

China Renaissance raises $600m for latest PE fund

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