L Capital Asia, a private equity fund sponsored by luxury goods conglomerate LVMH, made an undisclosed investment in China-based Xinhe Fashion last month (although L Capital’s website dates it in October), according to China-based newspaper China Daily, making LVMH Xinhe’s second largest shareholder.

The investment is L Capital Asia’s first on mainland China, its portfolio otherwise consisting of businesses based in Hong Kong, Singapore and India. The fund closed at $635m in December 2010 and has an investment policy focusing…

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