Fujian province-based Chinese paper packaging company Nature Packaging Group is to receive US$50 million investment from Hong Kong-based Asian private equity firm RRJ Capital, according to media reports.
The investment will give RRJ an undisclosed minority stake of Nature Packaging, whose founder and chairman Lin Shiwang will see his stake diluted.
Nature Packaging manufacturers packages for apparel, food and beverage and home appliances, include Chinese beverage brand Hangzhou Wahaha Group Co. and Tsingtao Brewery.
In 2012, TPG also made an investment of US$600 million in another Chinese packaging firm, Taiwan HCP Holdings Inc.
RRJ currently manages US$6 billion across two private equity funds focused on China and South-East Asia.
The firm is founded in 2011 by Richard Ong, former founder and CEO of Hopu Fund. Before that, Ong spent 15 years with Goldman Sachs with the latest position as co-head of Asia Ex Japan investment banking.
The firm’s co-CEO is Charles Ong, formerly with Temasek Holdings holding positions including chief investment officer and chief strategy officer.