China Renaissance's Huaxing Growth Capital completed the first close of its USD Fund IV, according to a release Oct. 7.
The fund, completed in record time, according to the release, received a nearly $550 million limited partnership commitment, .
"We are grateful to have been able to back top entrepreneurs in China, who see us as their partner of choice, particularly due to our capital market expertise," Founding Partner and Chief Investment Officer of Huaxing Growth Capital Fan BAO said.
A portfolio of contributions to the property have been gathered by the fund over the last eight years, the release states. This includes investments in various companies such as Meituan, Kuaishou and Dewu.
According to the release, about one-third of the first closing amount was submitted by new investors, while over 70% of existing institutional clients in Fund I to III also made contributions.
The effort attracted investors from Europe, Asia and North America.