$1bn Fundraising For China’s New Horizon
Claire Spencer, January 2010
New Horizon Capital is aiming to raise a $1bn private equity fund to invest into leading companies that are preparing to make initial public offerings (IPOs), according to a Reuters report, which cites sources with direct knowledge of the matter. This would be the firm’s third and largest fund – in 2007, it had around $500m in assets under management.
The sources revealed that New Horizon Capital recently finished raising between $600m and $700m for its latest fund, with commitments from investors including Softbank Corp of Japan, and the Singaporean sovereign wealth fund Temasek.
The firm was pitching the fund in 2008 but, like many other private equity firms, found it difficult as a result of the financial crisis and, as such, suspended the fund until early 2009, explained the sources.
“That was a very tough time, but now people are willing to pour money into the fund again since China is still the focus worldwide,” they added, speaking to Reuters.
The sources declined to be identified due to the involvement of Wen Yunsong, the son of the Chinese Premier Wen Jiabao, in the firm