China Everbright ReinFore is understood to be about to announce a final close on its debut private equity fund.
China Everbright ReinFore Special Opportunities Fund was launched in 2014 and had an initial target of $200 million. It held its first close in August 2014 on $75 million. It will invest in small and medium enterprises in China, according to reports.
Fund of funds manager Axiom Asia is one of the anchor investors, according to a source with knowledge of the matter. It is understood that nine other investors comprising insurance funds and university funds have committed capital.
The firm declined to comment on fundraising.
China Everbright ReinFore manages about $300 million dollars in assets and is part of the China Everbright Group, one of China’s most significant enterprises. The group has businesses in banking, securities, insurances, asset management, futures, financial leasing and industrial.
China Everbright Investment Management, a subsidiary of China Everbright Group has been making private equity investments in China since 2001, according to PEI Research & Analytics.
In December 2015, the firm announced a multi strategy fund of funds with initial commitments of $5 billion. The fund’s total target size is CNY10 billion ($1.5 billion; €1.4 billion) and will be invested in funds managed by China Everbright, as well as by third-party GPs.