Fountainvest Raises $2.1 Billion for New China Fund
September 21 2016 - 11:10PM
Dow Jones News
HONG KONG—FountainVest Partners, led by former Goldman Sachs
Group Inc. banker Frank Tang, raised $2.1 billion for its latest
China-focused private equity fund, according to a person familiar
with the situation.
The private equity fund will be among the largest China-focused
funds and FountainVest's third fund raised since 2008. Its previous
fund was $1.35 billion, raised in 2012. The new fundraising effort
came together quickly, raising money mostly from existing
investors, according to the person.
Mr. Tang's FountainVest has been a major investor in China's
media and entertainment world. For example, it invested in
movie-screen company IMAX Corp.'s China division and helped it
build out its operations in China. It was also one of the investors
in Chinese advertiser Focus Media, which it helped take private
from the U.S. and relist on China's domestic stock market, making
multiples of its initial investment.
Mr. Tang started his career as a banker at Goldman Sachs. He
later did deals for Singapore's Temasek Holdings Pte. Ltd., making
several highly profitable investments in Chinese banks for the
Singaporean state-owned investor, before setting up his own firm
with partners who worked with him at Temasek.
Write to Rick Carew at rick.carew@wsj.com
(END) Dow Jones Newswires
September 21, 2016 22:55 ET (02:55 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
IMAX (NYSE:IMAX)
Historical Stock Chart
From Aug 2024 to Sep 2024
IMAX (NYSE:IMAX)
Historical Stock Chart
From Sep 2023 to Sep 2024