China's CMC Capital raises over US$950mil

CMC Capital founder Li Ruigang. - Reuters

BEIJING/HONG KONG (Reuters): Chinese private equity fund CMC Capital Group said it raised over US$950 million in its biggest private equity fund to date, bolstering its ability to cut deals in the world’s second-largest economy.

CMC Capital Partners III, the firm’s third dollar-denominated fund, surpassed its original target size after securing commitments from global investors, the firm said in a statement on Tuesday (Feb 25). It initially targeted about US$800 million, said a media representative of the fund.