Reportedly, Hony Capital¡¯s fourth USD fund has closed on June 18, raising a total of US$1.398B. The scale is in excess of the sum of the first three funds. Its first RMB fund is expected to be closed in foreseeable future. By then, Hony Capital will manage up to RMB20 billion. 

According to a person familiar with the event, capital sources of the fourth USD fund are mainly from overseas investors, including Goldman Sachs and Temasek. Legend Holding, a shareholder of Hony Capital, will invest about 20 to 30% of total capital. 

The newly established fourth fund has kicked off investment. Hony Capital, together with Changsha Zoomlion Heavy Industry Science and Technology Development Co., Ltd., Goldman Sachs, and Mandarin Capital Partners, have signed an agreement to acquire  Italy-based CIFA for EUR271 million, whereby Hony Capital buys 18.04% stakes. CIFA is the third largest concrete machinery on the European market.

Hony Capital's insiders said, the fund will pool more efforts to assist Chinese companies in implementing overseas strategies and continue to focus on market opportunities brought by the restructurings of state-owned enterprises.