Boyu Capital has raised $596 million for its second fund, Boyu Capital Fund II, according to a filing yesterday with the US Securities and Exchange Commission.
The amount represents 42 investors, according to the document. It reportedly is a first close on Fund II, which was launched in the second half of 2013 and is targeting $1.5 billion.
Boyu did not respond to request for comment.
In November, Boyu and Standard Chartered Private Equity jointly acquired Chinese café operator Multi Concepts Link Restaurant Management, Private Equity International reported earlier.
The firm is also a shareholder in China Cinda Asset Mangaement, which launched an IPO in Hong Kong late last year. In addition, it is part of a consortium made up of China Investment Corporation, China Development Bank and CITIC Capital that has a stake in Alibaba, which is expected to launch an IPO in 2014.
Hong Kong-based Boyu Capital has $1.59 billion in assets under management, according to PEI’s Research & Analytics division. The firm was founded in 2010 by Alvin Jiang, the grandson of China’s former president Jiang Zemin, alongside former TPG managing director Mary Ma, former Providence Equity Partners executive Sean Tong and former president at Ping An Insurance Louis Cheung.