Primavera Fund Closing: Ant Primavera Group’s Early Investor Closes Fourth $4 Billion Fund

Chinese private investment company Primavera Capital Group, an early investor in billionaire Jack Ma’s Ant Group, has closed its fourth US dollar-denominated private share. funds $4 billion, said two people with direct knowledge of the matter.

Primavera’s fundraising, which invests primarily in China but has diversified into Southeast Asia and North America over the years, comes amid global macroeconomic and geopolitical challenges that have impacted deal-making activity.

Primavera declined to comment. The sources declined to be named as they are not authorized to speak to the media.

Reuters reported that Primavera is targeting $4 billion in 2021 for its fourth dollar fund, with a hard cap of $5 billion.

Primavera, founded by former Goldman Sachs Greater China chairman Fred Hu, has invested in more than 90 companies as of 2020 in technology, consumer services, financial services, healthcare and education, as shown on its website.

The private equity firm’s investment portfolio also includes fast food chain operator Yum China Holdings Inc, social media giant Bytedance and Indonesian Internet company GoTo Gojek Tokopedia PT Tbk, the website said.

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The new fund’s target will be in line with the firm’s past investment strategy and will focus on opportunities in the Asia-Pacific region, primarily in China, the sources said, adding that some of the capital could also be deployed to other global markets. Asia-focused private equity funds raised about $131.6 billion in 2022, about half of the $251.2 billion in 2021, according to Preqin. The data showed that fundraising through May 5, 2023 was only $15.5 billion.

In other private equity fundraising activities in the region, Bain Capital is nearing completion.

from its fifth and largest Asia-focused fund after raising about $6 billion from global investors, Reuters reported earlier this month.

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