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DCP holds first close of second China-focused fund at $2.5bn

Private equity firm DCP Capital, whose backers include Ping An Insurance and Mengniu Dairy, has held the first closing of its second China fund at $2.5 billion, according to a report by Deal Street Asia.

CP Capital Partners II, which has a total target of $3 billion, DCP Capital Partners II and has secured capital commitments from both existing and new limited partners (LPs), has reportedly already completed five investments so far.

DCP Capital Partners’ predecessor fund, DCP Capital Partners I, was closed in April 2019 alongside the completion of other Chinese yuan funds, with DCP raising the equivalent of $2.5 billion from LPs including sovereign wealth funds, pension funds, funds of funds (FOFs), endowments and family offices.

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