Boyu Capital Plans Second Fund, Targets $1.5B

Hong Kong-based private equity firm Boyu Capital is planning to raise its second fund during the second half of this year with a target size of US$1.5 billion, according to media reports.

The firm’s first fund of US$1 billion closed in 2011 with backings from top-notch investors such as Temasek Holdings and Asia’s riches man, Li Ka-shing.

Since its establishment in 2010, Boyu Capital has kept a low profile and tried to stay behind the scenes. It does not have a website. But the firm has always been at the center of attention as its partners are some of the best-known personalities in the Chinese private equity world.

Boyu Capital’s executives include former TPG executive Mary Ma, Alvin Jiang, the grandson of former Chinese president Jiang Zemin, former Ping An Insurance executive director Louis Cheung and ex-Providence Equity Partners‘ Sean Tong.

Alvin Jiang reportedly played a key role in Boyu Capital’s investments in Alibaba Group and Cinda Asset Management, as well as a US$100 million controlling stake in Sunrise Duty Free, a retailer with outlets in Beijing and Shanghai’s airports.

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