Hony Capital, which acts as conglomerate Legend Holdings' private equity arm, has raised a fund in which 70% of the capital is dollars and the rest is renminbi.
Hony Capital, the private equity firm launched by China-based conglomerate Legend Holdings, has closed a $2.7bn dollar-renminbi denominated fund, Bloomberg reported today, citing people familiar with the matter.
About 70% of the fund is in dollars and the rest in renminbi, a source told Bloomberg. Hony is taking a dual currency approach to avoid conflict between the firm’s dollar and yuan investors, who traditionally would have seen their capital invested separately.
Founded and sponsored by Legend in 2003, Hony focuses…
