Beijing-based Chinese private equity firm Jiuding Capital has completed a first close of its latest RMB fund called Jiuding Strategic Fund, raising RMB1 billion ($164 million), according to Chinese media reports.
The fund has a target of RMB3 billion, and is expected to hold a final close by the end of this year.
About 80% of capital commitments are from institutional investors, including Chinese insurers such as China Reinsurance, fund-of-funds and asset management firms.
The fund will focus on retail, pharmaceutical, agriculture, mining and services sectors.
Aside from Jiuding’s traditional investment strategy of investing in pre-IPO deals, the latest fund will also participate in mergers and acquisitions.