KKR hat chinesische Renminbi beschafft.

The investment sector - Decoding LP has learned that the private equity investment fund company capital (GmbH & Co. KG) Kaide Shipu (Shanghai) has completed its registration. This fund is managed by KKR. At the same time, Chinese limited partners (LP) also appear.

In other words, KKR has successfully initiated a Chinese yuan fund.

Currently, the ecosystem of US - dollar funds in the domestic market has undergone profound changes. Recently, Bloomberg reported that six venture capital (VC) institutions, including Lightspeed China Partners, Monolith (Lisi Capital), Black Ant Capital, Yingce Capital, and BA Capital, are currently initiating US - dollar funds. This is a wave of US - dollar fund initiations that has not been seen for a long time.

KKR Launches a Chinese Yuan Fund

Let's first take a look at this registered fund -

The private equity investment fund company capital (GmbH & Co. KG) Kaide Shipu (Shanghai) was founded in December 2024 and is based in Shanghai. The fund has a volume of 410,124,400 yuan, and its business scope includes activities such as private equity investments, investment management, and asset management with private funds.

The three main investors in the fund are: Jiaxing Pinghui Lihai Equity Investment Partnership (Limited Partnership), Caobaoji (China) Enterprise Management Co., Ltd., and Hainan Sanya Schroder Equity Investment Fund Partnership (Limited Partnership), namely Ping An Capital, Caobaoji, and Schroders.

First of all, the parent fund company capital (GmbH & Co. KG) Jiaxing Pinghui Lihai Equity Investment under the banner of Ping An Capital has made a contribution of about 327 million yuan, accounting for a share of 79.7855%, making it the largest investor in the fund.

In addition, Caobaoji (China) Enterprise Management Co., Ltd. is the Chinese operating unit of the Singaporean Cao's family business "Caobaoji (TPC) Group". The Hainan Sanya Schroder Equity Investment Fund Partnership (Limited Partnership) is a fund under the banner of Schroders Capital Group and one of the vehicles for Schroders' private equity investments in China.

Furthermore, the management company of this fund is Kaide Shangpu (Shanghai) Enterprise Management Co., Ltd. The investment sector has learned through the analysis of the capital structure that the actual controlling company is the KKR Hong Kong Company.

Founded in 1976, the KKR Group is one of the world's largest alternative asset management companies and one of the well - known "Big Four PE". The group's managed assets amount to approximately 664 billion US dollars (about 4.8 trillion yuan). Its business scope covers the world's major countries and includes six areas: private equity investment credits, infrastructure, real estate, capital markets, and hedge funds.

In recent years, KKR's presence in China has not been particularly active, but compared to PE giants like Blackstone and Carlyle in the same period, this is still remarkable. In 2023, KKR was involved behind the two IPO companies, Zhenjiu Liudu, which was listed on the Hong Kong Stock Exchange, and Guai Bao Pet, which was listed on the second board of the Shenzhen Stock Exchange.

New Strategies for US - Dollar Funds

In recent years, the situation of US - dollar funds has been obvious.

As the data from the Zero2IPO Research Center shows, in the first quarter of 2025, a total of 988 Chinese yuan funds were newly initiated, with a total initiation volume of 342.616 billion yuan. The number and volume accounted for 99.6% and 98.7% respectively. In the same period, only 4 foreign funds that can invest in China were newly initiated, with a total initiation volume of about 4.468 billion yuan.

Everyone is looking forward to the light at the end of the tunnel. In February this year, the "Action Plan to Strengthen Foreign Investments 2025" was released, in which a series of measures were proposed -

It encourages foreign investment in private equity in China; the restrictions on foreign investment companies' use of domestic credits are lifted, and they are allowed to use domestic credits for private equity investments; it encourages multinational companies to establish investment companies; it facilitates foreign investors to conduct acquisitions in China, etc.

Three months later, CapitaLand Investment launched its first on - shore parent fund in China - the CapitaLand Investment Yuan Parent Fund - with a total capital commitment of 5 billion yuan. Subsequently, it will invest in Chinese assets through a series of subsidiary funds.

At the same time, the enthusiasm of foreign LPs has improved as Chinese assets are being re - evaluated. The latest example is that, as reported by Bloomberg, six VC institutions based in China have simultaneously started the initiation of a new round of US - dollar funds. The total target is about 2 to 2.2 billion US dollars, mainly targeting foreign LPs such as sovereign funds, university endowments, and family offices in North America, the Middle East, and Southeast Asia.

In summary, the currently known market information is as follows: The Lightspeed China Partners Venture Capital Fund plans to initiate at least 400 million US dollars for a fund focusing on deep tech; the second fund of Lisi Capital has a volume of at least 265 million US dollars; Black Ant Capital is raising 150 million US dollars; Yingce Capital is seeking 200 million US dollars; and at the beginning of this year, Qiming Venture Partners also started to initiate 800 million US dollars, etc.

Perhaps this is a signal for the warming of the market - driven winter.

This article is from the official WeChat account "Investment Community" (ID: pedaily2012), written by Yang Wenjing and published with the permission of 36Kr.