(Hong Kong, 8 Aug 2019) CITIC Capital Partners (“CCP”), the private equity arm of CITIC Capital Holdings Limited (“CITIC Capital”), is pleased to announce the final closing of its fourth China buyout fund, CITIC Capital China Partners IV, L.P. (“CCCP IV”), at USD2.8 billion, reaching its hard cap. The largest PE fund to-date for CITIC Capital, CCCP IV will bring CITIC Capital’s total assets under management to over USD26 billion.
CCCP IV attracted strong support from a mix of existing and new investors, who represent a broad base of global private capital, including pension and sovereign wealth funds, insurance companies, financial institutions, family offices and fund–of-funds. The fund builds upon the success of its third China buyout fund, which raised USD1.575 billion in 2017.
Yichen ZHANG, Chairman & Chief Executive Officer 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.”
The U.S. dollar-denominated fund will continue to focus on consumer, healthcare, business services, consumer services, TMT, and industrial sectors, and will leverage CITIC Capital’s experience in leading highly complex carve-out and cross-border deals with unique China value-creation angles. To date, CCCP IV has already completed the acquisitions of leading beauty e-commerce service provider Hangzhou UCO Cosmetics and top supply chain pooling solution provider China Merchants Loscam.