China Media Capital nears final close – Exclusive

The Beijing-based firm started fundraising in March with a target of $500 million for the media-focused fund.

Chinese state-backed private equity firm China Media Capital is set to hit its $500 million target for its latest fund in early 2017, a source with knowledge of the fundraising told Private Equity International.

CMC Capital Partners, the firm’s second media-focused fund has raised nearly $450 million as of November, according to PEI data.

The Beijing-based firm began fundraising in March 2016 with a hard-cap of $600 million. The firm held a first closing on $350 million in June this year.

The source added that the firm received “pretty good support from existing limited partners”, with most re-upping their commitments in the first closing.

According to PEI data, the San Francisco Employees’ Retirement System committed $100 million to the fund. Limited partners in CMC’s previous funds include the Shanghai Media Group, China Development Bank, and China Merchants China Direct Investments.

The firm, chaired by Chinese media mogul Li Ruigang, specialises in growth capital, buyouts, corporate restructuring and acquisitions in technology, media, entertainment and consumer-driven businesses.

In December last year the firm invested $400 million in City Football Group, the owner of Manchester City Football Club, alongside Hong Kong-based private equity firm CITIC Capital. The firm also co-invested in IMAX China together with FountainVest Partners and holds stakes in Oriental Dreamworks, a Sino-Hollywood production company backed by Dreamworks Animation and Chinese investors, as well as Hong Kong’s TVB, and Beijing-based media group Caixin.

China Media Capital declined to comment on fundraising.