Chinese private equity fund CMC Capital Group said it raised over $950 million in its biggest private equity fund to date, bolstering its ability to cut deals in the world’s second-largest economy, reported Reuters.
CMC Capital Partners III, the firm’s third dollar-denominated fund, surpassed its original target size after securing commitments from global investors, the firm said in a statement on Tuesday. It initially targeted about $800 million, said a media representative of the fund.
Its investors, known as limited partners (LPs), included pension funds, sovereign wealth funds, insurers, endowments and family offices across North America, Europe, the Middle East, and Asia Pacific, it added, without naming any of them.
Like the previous dollar funds, the latest fund will continue to invest in innovative growth companies with a China angle across sectors, including media and entertainment, technology and consumer, it added.