KKR has raised RMB.

According to Jiemi LP of the investment community, Kaide Shipu (Shanghai) Private Equity Investment Fund Partnership (Limited Partnership) has completed its filing, and this fund is managed by KKR. Meanwhile, the figures of RMB LPs have emerged.

In other words, KKR has successfully piloted the raising of a RMB fund.

Currently, the ecosystem of domestic US dollar funds has undergone profound changes. Recently, Bloomberg reported that six VC institutions, including Lightspeed China Partners, Monolith Capital, Black Ant Capital, Yingce Capital, and BA Capital, are raising US dollar funds. This is a wave of US dollar fundraising that hasn't been seen for a long time.

KKR Launches a RMB Fund

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

Kaide Shipu (Shanghai) Private Equity Investment Fund Partnership (Limited Partnership) was established in December 2024 and is located in Shanghai. The fund's scale is RMB 410.1244 million, and its business scope includes activities such as equity investment, investment management, and asset management through private equity funds.

The three major investors of 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 Schroder.

First of all, the mother - fund under Ping An Capital, Jiaxing Pinghui Lihai Equity Investment Partnership (Limited Partnership), contributed approximately RMB 327 million, accounting for 79.7855% of the total investment, making it the largest investor in the fund.

In addition, the other two major investors - Caobaoji (China) Enterprise Management Co., Ltd. is the operating entity in China of the Singaporean Caobaoji (TPC) Group, a family - owned enterprise; Hainan Sanya Schroder Equity Investment Fund Partnership (Limited Partnership) is a fund under Schroder Capital Group and is one of the carriers for Schroder's private equity investment layout in China.

Further, the manager of this fund is Kaide Shangpu (Shanghai) Enterprise Management Co., Ltd. Through equity penetration, the investment community learned that the actual controller of the company is the KKR Hong Kong company.

Founded in 1976, KKR Group is one of the world's largest alternative asset management companies and one of the well - known "Big Four PE" in the industry. The group's asset management scale is approximately $664 billion (equivalent to about RMB 4.8 trillion). Its business covers the world's major countries and includes six major sectors: private equity investment credit, infrastructure, real estate, capital markets, and hedge funds.

In recent years, KKR's presence in China has not been very active, but compared with PE giants such as Blackstone and Carlyle during the same period, it is still commendable. In 2023, both Zhenjiu Liudu's listing on the Hong Kong Stock Exchange and Guai Bao Pet's listing on the ChiNext of the Shenzhen Stock Exchange had the participation of KKR.

New Moves of US Dollar Funds

In the past few years, the situation of US dollar funds has been obvious to all.

As shown by the data from Zero2IPO Research Center, in the first quarter of 2025, a total of 988 RMB funds completed a new round of fundraising, with a total fundraising scale of RMB 342.616 billion, accounting for 99.6% and 98.7% in terms of quantity and scale respectively; while during the same period, only 4 foreign - currency funds that can be invested in the Chinese mainland completed a new round of fundraising, with a fundraising scale of approximately RMB 4.468 billion.

Everyone is looking forward to a glimmer of hope. In February this year, the "Action Plan for Stabilizing Foreign Investment in 2025" was released, which proposed a series of measures -

Encourage foreign investment in equity investment in China; cancel the restrictions on the use of domestic loans by foreign - invested holding companies and allow them to use domestic loans for equity investment; encourage multinational companies to invest in establishing holding companies; facilitate foreign investors' merger and acquisition investment in China, etc.

Three months later, CapitaLand Investment established its first on - shore mother - fund in China, the CapitaLand Investment RMB Mother - Fund, with a total equity commitment of RMB 5 billion. Next, it will invest in Chinese assets through a series of sub - funds.

Meanwhile, as Chinese assets are being re - evaluated, the enthusiasm of foreign LPs has begun to improve. The latest development is that according to Bloomberg, six VC institutions rooted in the Chinese mainland are simultaneously launching a new round of US dollar fund - raising, with a total target scale of approximately $2 - 2.2 billion, mainly targeting overseas LPs such as sovereign wealth funds, university endowments, and family offices in North America, the Middle East, and Southeast Asia.

Based on the current market information, Lightspeed China Partners plans to raise at least $400 million for a fund focusing on deep technology; Monolith Capital's second fund has a scale of at least $265 million; Black Ant Capital is raising $150 million; Yingce Capital is seeking to raise $200 million; and earlier this year, Qiming Venture Partners also started raising $800 million, etc.

Perhaps this is a signal of a warming market in the cold winter.

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