Hopu Investment Management has made its first investment outside of China in an effort to establish itself beyond the domestic market, the Financial Times reported. Hopu acquired a 4.9% stake in Lippo Karawaci, an Indonesian real estate and hospital developer from China Resources, a state-owned conglomerate, for US$45 million. Lippo builds hospitals that cater to middle class Indonesians seeking better medical services; Hopu thinks this model can be transfered to China. Hopu is a US$2.5 billion fund founded by Fang Fenglei, a former full-time head of Goldman Sachs’ mainland securities joint venture, and Richard Ong, a former investment banking head of Goldman Sachs in Southeast Asia, with backing from Temasek, the Singapore state investment agency, and Goldman Sachs. It has made investments in China Mengniu Dairy and a Chinese iron ore producer.