Primavera Capital is exploring plans to raise a new Asia-focused private equity fund targeting investments across the technology and consumer sectors, according to a report by Bloomberg citing people familiar with the matter.
The Hong Kong-based firm, founded by former Goldman Sachs Group Inc banker Fred Hu, has begun informal discussions with investors to gauge appetite for a new vehicle. Fundraising would follow Primavera’s previous vehicle, which raised $4bn, although the new fund could be smaller given current market conditions.
Fundraising plans remain at an early stage, with no timeline set, as institutional investors continue to exercise caution amid geopolitical tensions. Other Asia-focused managers are also assessing the market, including Bain Capital and Hillhouse Investment Management.
Primavera has previously invested in companies including Yum China Holdings Inc, Alibaba Group Holding Ltd, XPeng Inc, and ByteDance.
