May 20, 2020

CITIC Capital raises $2.8bn for CCCP IV buyout fund

China
investment
CITIC
Fund
2 min
CITIC Capital raises $2.8bn for CCCP IV buyout fund

Hong Kong’s CITIC Capital, the private equity subsidiary of CITIC Group, has announced it has reached the hard cap of its latest buyout fund.

The fund, CITIC Capital China Partners IV (CCCP IV), closed at $2.8bn, making it the firm’s largest fund to date and bringing CITIC Capital’s total assets to $26bn. The company’s previous fund closed at $1.575bn in 2017.

Yichen Zhang, Chairman and CEO of CITIC Capital, said: “We are deeply grateful for the tremendous trust and support from our investors. This successful fundraising is a testament to the excellent track record of our private equity team, whose core members have been with us since CITIC Capital’s inception. Despite the current global and domestic headwinds, we continue to believe in China’s long-term growth potential and are confident that CCCP IV will deliver outstanding returns to investors through our unrivalled access network in China and exceptional value-creation capabilities.”

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In its 8 August press release, CITIC Capital said that support for the fund had come from a global mix of investors such as pension funds, insurance companies and financial institutions.

Outlining plans for the fund, CITIC Capital said it would use its experience in China to focus on cross-border opportunities in sectors such as consumer, healthcare and industrial. The fund was said to have already acquired Hangzhou UCO Cosmetics and China Merchants Loscam, a beauty ecommerce company and supply chain provider respectively.

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