China-focused private equity firm Hony Capital is seeking to raise US$2 billion for a new Greater China investment vehicle, according to media reports.
Hony Capital Fund VIII will have one U.S. dollar-denominated pool and one RMB-denominated pool, with each seeking to raise US$1 billion.
A Representative at Hony Capital declined to comment.
Founded in 2003, Hony Capital is backed by Chinese conglomerate Legend Holdings Corporation.
Hony Capital currently manages RMB46 billion (US$7.2 billion) acorss seven private equity funds, of which five are U.S. dollar funds and three are denominated in RMB.
Limited partners in Hony Capital include Legend Holdings, the National Social Security Fund, China Life Insurance, Goldman Sachs, Temasek, and Canada Pension Plan Investment Board.
Hony Capital has invested in nearly 80 companies, including U.K. restaurant chain PizzaExpress and U.S. film studio STX.