London-based European private equity firm CVC Capital Partners has reached first close of its fourth Asian Pacific fund with US$2 billion, according to media reports.
CVC is targeting over US$3 billion for the fund, CVC Capital Partners Asia Pacific Fund IV, L.P.
The Pennsylvania Public School Employees’ Retirement System (PSERS) just committed US$100 million to the fund.
Founded in 1981, CVC’s current China holdings include Asia Health Century International, Asia Timber Products, C.banner, Hong Kong Broadband Network (HKBN), Sun Hung Kai & Co., Venturepharma and Zhuhai Zhongfu.
CVC’s first Asian Pacific fund was raised in 2000 with US$750 million. Its next two funds were around US$2 billion and US$4 billion respectively.