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Private Equity Fund Managers based in Greater China

by Louise Maddy

  • 02 Mar 2011
  • PE

Preqin data shows that there are currently 231 private equity firms operating from Greater China. The latest data from the Fund Manager Profiles database shows that collectively, these firms have raised USD 61.9 billion in private equity capital over the last 10 years, and have over USD 30 billion in dry powder.

China is the most populated Greater China country in terms of number of fund managers, with 127 firms headquartered in the country. There are 80 fund managers headquartered in Hong Kong and 24 in Taiwan.

In terms of funds raised over the last 10 years and dry powder available to fund managers, China is the most prominent country. In the past decade over USD 31.1 billion has been raised by fund managers based in China and they still have an estimated USD 18.5 billion in uninvested capital. Hong Kong-based private equity firms raised over USD 29.2 billion in the same time period and are sitting on an estimated USD 10.9 billion of dry powder.  Private equity firms headquartered in Taiwan raised nearly USD 1.6 billion in the last 10 years and have an estimated USD 489 million in available capital.

Hong Kong-based Baring Private Equity Asia is the most active fund manager based in the Greater Ching region in terms of capital raised in the last 10 years, having raised nearly USD 4.7 billion in this period. Founded in 1997, Baring Private Equity Asia is a Pan-Asian-focused middle-market private equity firm that primarily targets investments requiring capital for expansion, recapitalization or acquisitions.  Baring Private Equity Asia considers a broad range of industries. The firm recently held a final close on USD 2.46 billion for its Baring Asia Private Equity Fund V, which exceeded its target of USD 2 billion.

China-based Hony Capital is the second most active fund manager based in the Greater China region in terms of capital raised in the last 10 years, having raised over USD 3.9 billion in this period. Founded in 2003, Hony Capital is a China-focused middle-market private equity firm that primarily targets investments in construction materials, pharmaceuticals and healthcare, construction machinery and consumer and retails industries. Hony’s secondary industry focus is on media and entertainment, financial services, and energy and resources. The firm recently held a first close on RMB 7 billion for its second RMB-denominated fund, which has a hard-cap target of RMB 10 billion.

Affinity Equity Partners is a Hong Kong based fund manager focusing on buyout investments. In terms of capital raised in the last 10 years, Affinity Equity Partners has raised USD 3.5 billion in this period. Founded in 2004 following the spin-off of the UBS Capital Asia Pacific team, it focuses on companies in the Asia Pacific region and has a particular interest in Australia, Greater China, Hong Kong, Japan, South Korea, Singapore and Taiwan.  Affinity Equity Partners invests in business, financial and consumer services, manufacturing and healthcare industries. The firm raised USD 2.8 billion for its Affinity Asia Pacific Fund III in 2007, focusing on the healthcare industry.

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