ZQ Capital announced the first close of its ZQ 2024 fund, raising over $180m from a global investor base spanning North America, the Middle East, and Asia.

Investors include a mix of family offices and institutional backers.

The Hong Kong-based private equity firm targets control investments in late-stage small- to mid-cap companies based in developed markets, aiming to accelerate their expansion into Asia. The fund will focus on high-growth sectors including consumer, healthcare, education, and TMT.

Simon Shen, Chairman and Chief Investment Officer of ZQ Capital, called the close “a significant milestone,” highlighting the firm’s commitment to generating strong returns while partnering with experienced management teams to build long-term value.

Founded in 2016, ZQ Capital has investment professionals based in Hong Kong, Shanghai, Singapore, and Zurich. The ZQ 2024 fund is the firm’s flagship strategy as it continues to connect Western companies with Asia’s growth opportunities.