Exclusive: Chinese Premier's son eyes $1 billion fund
HONG KONG (Reuters) - New Horizon Capital, whose co-founders include Wen Yunsong, son of Chinese Premier Wen Jiabao, aims to raise a $1 billion private equity fund for investment in domestic industry leaders ready to make initial public share offerings.
This would be the third and largest private equity fund for New Horizon Capital, which had about $500 million under management since it was established in 2007, according to sources with direct knowledge of the matter.
New Horizon Capital recently completed raising between $600 million and $700 million by the so-called "first-closing" period, with capital commitments from Asian investors including Japan's Softbank Corp and Singapore's state investor Temasek Holdings, said the sources.
The sources declined to be identified because of the sensitive nature of Wen's family background. A representative for New Horizon Capital could not be immediately reached for comment.