BEIJING/HONG KONG (Health & Fitness Journal) – L Catterton, the private equity firm backed by luxury goods empire Louis Vuitton Moet Hennessy, said Monday it intends to raise 2 billion yuan ($275.44 million) for its first yuan-denominated fund raise how she sees early-stage investments in China.
L. Catterton, who has invested in Chinese soft drink brand Genki Forest and premium pet food supplier Shanghai Enova Pet Products, said the new fund has received capital from unidentified local Chinese government agencies and international and foreign companies in the consumer sector.
The yuan-denominated fund, which has completed first-closing, will focus its first phase on investing in companies in the early-stage consumer sector, according to a Chinese statement shared by L. Catterton on the social media outlet platform WeChat was released.
The new fund has raised “about 1 billion yuan” at the first close, a source familiar with the matter said.
Private equity funds typically begin investing after their first close, when they have received a first round of commitments from investors.
L Catterton declined to comment on a Health & Fitness Journal request.
The first phase of the fund will be based in the southwest Chinese city of Chengdu, according to the statement.
($1 = 7.2611 yuan)