Orchid Asia Closes Sixth China Fund At $920M

Chinese private equity firm Orchid Asia Group Management Ltd. has closed its sixth China fund at its hard cap of US$920 million, above the fundraising target of US$750 million, according to media reports.

The vehicle was launched in March, and has received more than US$1.3 billion of interested commitment from limited partners (LPs).

In June, the Pennsylvania Public School Employees’ Retirement System (PSERS) disclosed that it has committed up to US$75 million towards the fund.

In March, Orchid Asia led US$74 million series B financing for Beijing-based mobile social gaming company FunPlus Game, which just sold a subsidiary to a Chinese conglomerate for US$960 million.

Orchid Asia focuses on investment in expanding domestic enterprises in high barrier to entry businesses that have good growth prospects in the consumer services and products sector.

Founded in 1993, it has offices in Hong Kong, Shenzhen, Shanghai, Beijing and Guangzhou.