Huaxing Growth Capital raises $600m

The Beijing-headquartered firm held a first close on its latest RMB Fund.

Huaxing Growth Capital has held a first close on its RMB Fund III at CNY4 billion ($604 million). The fund began fundraising in July this year, and is aiming to reach a final close of between CNY5.5 billion and CNY6 billion by early 2018.

The predecessor vehicle in the series, RMB Fund II, had raised CNY5.4 billion in 2015.

The firm will use the capital from the RMB Fund III to make investments in the TMT sector in China.