Trustar Capital, formerly known as CITIC Capital Partners, is said to be eyeing $3.5bn for its fifth China buyout fund.
If successful, it will add another 25% to the already massive $2.8bn predecessor fund IV.
The firm is also looking to raise $250m for a debut growth vehicle, according to AVCJ.
Trustar, the affiliate of CITIC Capital Holdings, has over $7.7bn in assets under management and has invested in 80 deals globally.
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It tapped Fund IV for the acquisition of compound condiment maker Salion Foods in March.
Other portfolio companies in Fund IV include beauty e-commerce service provider Hangzhou UCO Cosmetics and supply chain pooling solution provider China Merchants Loscam.
It closed Fund III on $1.5bn in 2017.
In March, CITIC Securities’ alternative investment arm CLSA Capital Partners was eyeing on up to $500m for a new US-dollar private equity fund targeting China.
CLSA said the new fund would target businesses in the healthcare, TMT, smart manufacturing and renewable energy industries.
The investment arm currently manages more than $7bn across its China, Japan and pan-Asian buyout, debt and real estate operations.
CITIC took control of CLSA in 2013 through an $840m majority buyout from Credit Agricole.
Source: AltAssets
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