Taiwan-based Zoyi Capital has made an undisclosed debut investment in Shanghai-based high-end women’s apparel brand Pink Mary, according to media reports.
Zoyi Capital will take a controlling stake in Pink Mary, but the company’s founders will retain an equity interest and continue working in the company.
Founded in 2003, Pink Mary targets a very niche market segment with its products distributed in around 400 stores throughout China. It is known for its hand craftsmanship and Baroque design.
Zoyi Capital is currently seeking to raise US$300 million for its debut fund, with the hard cap set at US$500 million.
Founded last year by Andrew Kuo, previously vice chairman of Blackstone Greater China, Zoyi Capital is a Greater China focused fund, investing in mid-cap companies with a proven history in the Chinese and Taiwan market.
The other founding partners of Zoyi Capital include Yu Pei-Pei, formerly managing director of Goldman Sachs’ private equity division, and Eric Chen, previously president of North Asia and Greater China at Fullerton Financial, a subsidiary of Temasek Holdings.