RRJ Capital Raises $4.5B For Third Fund

Asia-focused private equity firm RRJ Capital has closed its third fund, RRJ Capital Master Fund III, L.P., with US$4.5 billion in total capital commitments, according to media reports.

An earlier regulatory filing indicated that RRJ’s latest fund raised US$762 million as of March this year.

RRJ, founded by former Goldman Sachs executive Richard Ong and brother Charles Ong, raised its debut fund in 2011 with US$2.3 billion. Its second fund was closed in 2013 with US$3.6 billion.

The latest fundraising pushes up the total asset-under-management of the four-year-old firm to US$10.4 billion.

RRJ’s first two funds produced a 15.7% and 25.6% annualized rate of return through the end of last year, according to a disclosure document by the the state of New Jersey’s Division of Investment, which is committing US$150 million into RRJ’s latest fund.

Richard Ong was formerly founder and CEO of China-focused private equity firm, Hopu Fund. Before that, Ong spent 15 years with Goldman Sachs with the latest position as co-head of Asia Ex Japan investment banking.

RRJ’s co-CEO is Charles Ong, who was formerly with Temasek Holdings holding positions including chief investment officer and chief strategy officer.

China Expert network