What’s new: U.K.-based private equity secondaries market investor Coller Capital said Thursday it aims to raise 1.5 billion yuan ($218.12 million) for its first yuan-denominated secondaries fund.
Coller Capital Secondaries RMB I Fund completed the first close, Coller Capital said in a statement. The size of fundraising was not disclosed. Usually the first close of a fund means the minimum subscription target was reached.
The fund manager said the fund won support from local institutional investors and became the first such fund to register with the Asset Management Association of China.
The background: The private equity secondaries market allows investors in private equity funds and private companies to make early exits to free their capital.
Global private equity investors are increasingly interested in the secondaries market in China. L Catterton, the private equity firm backed by luxury goods empire Louis Vuitton Moet Hennessy, closed its first 2 billion yuan yuan-denominated fund in October 2022.
New York-based private equity firm Warburg Pincus is raising 3 billion yuan in its yuan-denominated fund, Reuters reported in February, citing people with knowledge of the matter.
Contact reporter Denise Jia (huijuanjia@caixin.com) and editor Bob Simison (bob.simison@caixin.com)
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