July 29, 2019 / 2:07 AM / 4 months ago

China Renaissance raises nearly $1 billion for latest yuan fund

HONG KONG, July 29 (Reuters) - Investment bank China Renaissance said it has raised more than 6.5 billion yuan ($945 million) in its latest yuan-denominated fund, giving the firm adequate firepower to invest in the world’s second-largest economy.

The firm, led by one of the country’s most famed rainmakers Bao Fan, said in a statement on Monday that its private equity arm Huaxing Growth Capital had raised its third yuan fund totaling over 6.5 billion yuan, with oversubscription of more than 1 billion yuan.

The fund has secured “great interest” from investors, known as limited partners (LPs), such as China’s National Social Security Fund, banks, insurers, funds-of-funds and university alumni funds, it said.

$1 = 6.8791 Chinese yuan renminbi Reporting by Julie Zhu

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