Cathay Capital holds £600m first close for second fund

The Paris-based firm has a £1.2bn target for its latest vehicle.

Cathay Capital has held a first close of Cathay Midcap II on £600 million.

The vehicle will support mid-cap companies with a high potential for growth and value creation as well as a capability to expand internationally. It focuses on China, Europe and North America, with healthcare, high-end industries, consumer goods and business services as targeted sectors.

The firm’s predecessor vehicle, Cathay Midcap I, was closed in December 2014 on £500 million.