L Catterton, the private equity firm backed by luxury goods empire Louis Vuitton Moet Hennessy, said on Monday it aimed to raise 2 billion yuan ($275.44 million) for its first yuan-denominated fund, as it eyes early-stage investments in China.
L Catterton, which has invested in Chinese soft drink brand Genki Forest and premium pet food provider Shanghai Enova Pet Products, said the new fund has received capital from unidentified local Chinese government body and international and overseas companies in the consumer sector.
The yuan-denominated fund, for which the first-close has completed, will focus on investing in early-stage firms in the consumer sector for its first phase, according to a Chinese statement published by L Catterton in the social media platform WeChat.
Get the week’s top news delivered directly to your inbox – Sign up for our newsletter
The new fund has raised “around 1 billion yuan” at first-close, a source familiar with the matter said.
Private equity funds typically begin investing after their first-close, when they have received an initial round of commitments from investors.
L Catterton declined to comment on a Reuters request.
The first phase of the fund will be based in the southwestern Chinese city of Chengdu, according to the statement.
Source: Investing.com
Can’t stop reading? Read more
Blackstone strikes $6bn+ deal to acquire energy data firm Enverus
Blackstone strikes $6bn+ deal to acquire energy data firm Enverus Blackstone has agreed to acquire...
Uber seeks private equity backing to scale robotaxi ambitions
Uber seeks private equity backing to scale robotaxi ambitions Uber is in discussions with private...
Apollo and Butterfly raise $527m to drive Qdoba’s franchise-led growth
Apollo and Butterfly raise $527m to drive Qdoba’s franchise-led growth Butterfly Equity has closed...