SHANGHAI, Nov 13 (Reuters) - FountainVest Partners, backed by Singapore's Temasek Holdings [TEM.UL], said on Thursday that it had raised nearly $1 billion for its first China-focused private equity fund despite the global financial market turmoil.
FountainVest, whose top management team includes four former senior Temasek executives, aims to complete 15 to 20 investments in China in the next four to five years, a statement said. It will target investments between $50 million and $150 million for each deal and focus on emerging industry leaders who can benefit from China's transformation in terms of consumption, urbanisation and sustainable development.
"Despite the global economic downturn, we are optimistic about China's long-term growth prospects," Frank Tang, co-founder and chief executive of FountainVest, was quoted as saying. "We believe that the investment opportunities in China have just begun to emerge. The transformation of consumption in China will be the driving force for growth in the coming decades," said Tang, who was a senior managing director at Temasek, a sovereign wealth fund.
The other co-founders of FountainVest include Terry Hu, former managing director and head of global real estate investments at Temasek, and George Chuang and Chenning Zhao, who both worked for Temasek (Hong Kong) as its managing directors. Major investors of FountainVest include Temasek, Canada Pension Plan Investment Board, Ontario Teachers' Pension Plan, the statement said.