CITIC Capital announced on Thursday that its private equity investment unit has completed the fourth M&A fund, reaching the target ceiling of $2.8 billion, which is also the largest fund to date.
Zhang Yichen, chairman and CEO of CITIC Capital, said, "Although the global and domestic environment is facing some challenges, we are confident of China's long-term growth potential."
The new fund is supported by existing and new investors from all over the world, including pension funds, sovereign wealth funds, insurance companies, large financial institutions, family offices and parent funds.
Transactions completed by the new fund so far include the acquisition of Merchants Lukai, a leading makeup e-commerce service provider, YOK and an outstanding logistics equipment recycling and sharing solution provider.
After the fund raising, the total assets of CITIC Capital Management exceeded $26 billion. The company is the flagship of CITIC Group's alternative investment.
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