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The global private equity firm has reportedly made a further $1.2bn from the sale of its remaining stake in the Chinese insurer, generating a 16x overall return on its 2004 investment in Shenzhen Development Bank.
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The China-focused early growth investor originally had a $200m target for its maiden fund.
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The Chinese car hire firm received a total of $70 million and saw existing investors including Qiming Ventures and Ignition Partners come back on board.
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A temporary measure from the CIRC has lifted the restrictions on China’s insurance industry, allowing up to RMB226 billion in assets access to the local private equity industry for the first time.
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Asia is more popular than ever with LPs, but many only want to invest with a small number of proven ‘quality’ managers. What does this mean for fund sizes and performance in the region?
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Following Monday's investment into social networking company Comsenz, the firm has taken a stake in online vitamin seller 99times.cn.
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The Chinese social networking provider has been sold to internet company Tencent for a reported $60m.
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Only a day after news of its first RMB fund launch broke, a spokesperson for the firm has confirmed it is launching a second, Chongqing-based, vehicle, reportedly also with a RMB5bn target.
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IDG Capital has reportedly invested $40m in the Chinese e-commerce company in yet another play on an internet-related business.
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