Greater China private equity firm Bull Capital Partners has raised $200 million towards its second growth capital fund, receiving backing from anchor investor Shinhan Group, a Korean financial institution, according to a statement.
The fund, which expects to hit its target of $400 million this year, has also gained re-ups from a number of existing family office LPs from Hong Kong and China.
At the same time, Bull has confirmed the first investment from the vehicle, injecting $22 million in Shanghai-headquartered used car retailer CarKing, through series D redeemable convertible preference shares.
The new vehicle has a $500 million hard cap and will have a similar strategy to its predecessor, Peregrine Greater China Capital Appreciation Fund, investing in high growth companies in consumer and retail, manufacturing, and environmental sectors.
Bull’s first fund has investments in eight companies, two of which were listed in 2010 and one listed in May last year. As of March 2014, the fund’s net IRR was 45 percent, posting a return multiple of 3.2x, according to the firm.
Bull Capital has offices in Hong Kong, Shanghai and Beijing and was founded in 2007 by three BNP Paribas executives Gibert Kun Kau Wong, Roy Xu Fu Li and Esther Ka Wai Wong. The firm has made investments in companies such as JD.com, Sun King Power Electronics and China Steel Business Network.