China-focused private equity firm Spring Capital has raised $184 million for the second close of its maiden fund, which is targeting commitments of $200 million.
The firm had registered a first close on $151 million in November 2009 and reached its second close in early February. The fund’s investors are primarily from Europe, followed by the US and Asia, Vincent Chan, Spring Capital Asia chief executive and co-founder, told PEI Asia in November.
Spring Capital has also completed the second investment from its maiden fund. Last month, the firm acquired a “meaningful minority” interest for an undisclosed stake in Qingdao Wuxiao Group, a wind and electricity tower manufacturer based in Jiaozhou in Shandong Province, Chan said. Qingdao’s annual turnover in 2009 was more than $150 million.
The fund’s first investment was the acquisition of a minority stake in energy-saving company Shanghai Insuring Polymer Materials for $10 million.
Spring Capital’s maiden fund makes early growth investments in sectors such as clean technology, professional and business services, healthcare and pharmaceuticals.
Besides its headquarters in Hong Kong, the firm has an office in Shanghai, which it opened in July 2008. The firm is setting up a new office in Suzhou, which will be operational by mid-March, Chan said.