China Renaissance Adds USD145 Million to New Economy Fund
Xu Wei
/SOURCE : yicai
China Renaissance Adds USD145 Million to New Economy Fund

(Yicai Global) July 30 -- China Renaissance has raised another CNY1 billion (USD145 million) for its yuan-denominated fund, giving it a total of more than CNY6.5 billion in yuan funding.

The Beijing-based firm will use the funds to invest in technology, business services, the consumer sector, new energy, smart manufacturing and the internet, it said in a statement yesterday. China's National Social Security Fund, multiple banks and insurers, and college's alumni funds are among investors, the Hong Kong-listed investment bank added.

Founded in 2005, China Renaissance began its private equity business in 2013 and has become renowned for its new economy fund, which managed USD4.1 billion worth of assets as of the end of last year.

Some 19 companies backed by the fund, including Meituan-Dianping, Focus Media and Wuxi Apptec, have gone public.

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Keywords: China Renaissance