Private Equity News & Analysis

Spring Capital’s debut fund collects $151m

The China-focused private equity firm, set to open a Suzhou office early next year, is aiming for a final close on $200m.

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Spring Capital Asia has raised $151 million for the first close of its debut fund, which is targeting a final close on $200 million in early 2010.

Spring Capital Asia Fund’s investors are predominately from Europe, followed by US and Asian investors, Vincent Chan, Spring Capital Asia chief executive and co-founder, told PEI Asia in an interview. Chan expects the proportion of Asian investors to increase by the time of the fund’s final close.

The China-focused fund makes early growth investments in sectors including clean technology, healthcare and pharmaceuticals, consumer, professional and business services.

In February, the fund acquired a significant minority stake in energy-saving company Shanghai Insuring Polymer Materials for $10 million. The firm has two more energy-saving deals in China under exclusivity and a strong pipeline of deals “particularly in cleantech and healthcare” sectors, Chan said. 

Hong Kong-based Spring Capital Asia intends to open an office in Suzhou in the first quarter of 2010. It opened its second office in Shanghai in July 2008.