(Yicai Global) Feb. 25 -- CMC Capital Partners, a Chinese giant in culture and media investments, has landed USD950 million for its third dollar fund, much more than it had planned.
The firm won support from top public pension funds, sovereign wealth funds, insurers and other institutions and individual investors in North America, Europe, the Middle East and the Asia Pacific region, The Paper reported, citing a company statement that did not disclose further details about the backers.
"China is playing an increasingly important role in the global markets within investment sectors that we focus on," said Li Ruigang, a founding partner at the firm. The new fund will follow CMC's investment strategy, focusing on successful but growing companies in culture, entertainment, technology and consumption, the company added.
Founded in 2010, CMC Capital manages five funds, two of which are yuan based, with a total value of more than CNY17.5 billion (USD2.5 billion). Those funds have invested in more than 50 companies, most of which are in the growth stage, including IMAX China, video service provider iQiyi, streaming site Bilibili, media-sharing app Kuaishou, and meal delivery platform Ele.me.
Editor: James Boynton