Hony nears final close on RMB fund

The Beijing- and Hong Kong-based firm is on the cusp of its hard-cap target of RMB10bn for its second RMB fund.

Chinese private equity heavyweight Hony Capital has raised almost RMB10 billion (€1.1 billion; $1.5 billion) for its second RMB-denominated fund, a source confirmed to PE Asia.

Hony declined to comment.

The fund, which has a hard-cap target of RMB10 billion, is poised to hold a final close soon, the source added.

In November last year, the fund held a first close on RMB7 billion. According a spokeswoman for the firm at the time, all LPs in the firm’s maiden RMB fund have come back onboard. Among them, China’s Social Security Fund committed RMB3 billion.

The fund will continue to focus on buyout and growth capital investments in the financial services, consumer, culture, media and architecture sectors, according to a statement last year.

The statement noted the original target of the fund was set at RMB8 billion. However, as the firm had garnered RMB7 billion for its first close, it subsequently adjusted the target to no more than RMB10 billion.