Just after acquiring Starbucks China, Boyu Capital has raised a new fund.

Three industrial giants, CATL, CMOC Group, and Yitai Coal, have each entrusted 500 million yuan to a private equity firm that has just taken over the operation rights of Starbucks in China.

This firm is Boyu Capital, a well - known PE in China. Boyu Capital has further consolidated its position as a leading PE with its past achievements in successfully investing in companies such as Alibaba, Meituan, Xiaohongshu, and Mixue Bingcheng, as well as its recent moves in the consumer sector, including the acquisition of Starbucks in China and SKP.

Three Industrial LPs Make Moves

Boyu's New Fund Aims to Raise 8 - 10 Billion Yuan

Here are the specific details of Boyu's new fund:

Boyu Xinzhi Xinchan (Ningbo) Equity Investment Partnership completed its first closing on December 1, 2025. Three listed companies - CATL, CMOC Group, and Inner Mongolia Yitai Coal - each contributed 500 million yuan as limited partners. After the first closing, the total committed capital of the fund reached 4.001 billion yuan, and the ultimate goal is to raise 8 - 10 billion yuan.

On December 1, CATL was the first to issue an announcement, disclosing that it is participating in the investment in Boyu Xinzhi Xinchan Fund as a limited partner, with a committed capital of 500 million yuan, holding a 12.497% stake in the fund.

The announcement clearly states that the fund manager is Boyu Taoran (Shanghai) Equity Investment Management Co., Ltd., and the general partner is Boyu Tianshu (Ningbo) Self - owned Capital Investment Co., Ltd.

The next day, CMOC Group issued an announcement on related - party transactions. Its wholly - owned subsidiary, Tibet Shimoke Trading Co., Ltd., subscribed for 500 million yuan of fund shares. Since CATL indirectly holds 24.91% of CMOC Group's shares, this transaction is defined as a related - party transaction.

On the same day, Yitai B - shares (Inner Mongolia Yitai Coal Co., Ltd.), a representative enterprise in the coal industry, also announced its investment decision of 500 million yuan.

According to the announcements of each listed company, the fund operates in a closed - end manner with a term of 12 years. It mainly invests in growth - stage and mature - stage enterprises in the three major fields of technology, healthcare, and consumer goods retail. This strategy is highly consistent with the long - term focus of Boyu Capital. The choice of the later - stage investment reflects Boyu Capital's strategy of pursuing stable returns in an uncertain economic environment, differentiating itself from early - stage venture capital. The 12 - year long - term term (which can be extended) also reflects its "long - term thinking" investment strategy.

The participation of the three industrial capitals in the private equity fund investment reflects different motives and strategic intentions.

CATL stated in the announcement that the purpose of the investment is to "leverage the advantages of professional investment institutions, expand investment channels, and explore business cooperation and development opportunities." As the global leader in power batteries, CATL's move is regarded as an important layout for building its industrial ecosystem and seeking new growth points.

It is worth noting that this is not CATL's first cooperation with Boyu Capital. In May 2021, CATL participated in the investment in Boyu Phase IV (Xiamen) Equity Investment Partnership, with a committed capital of 300 million yuan.

As a globally leading producer of molybdenum, tungsten, copper, cobalt, and niobium, CMOC Group's investment statement focuses more on "improving investment returns." On the premise of ensuring the normal operation of its main business, CMOC Group attempts to optimize its asset allocation through professional investment institutions to obtain financial returns.

The participation of Yitai, a coal enterprise, reflects the diversified allocation needs of traditional industrial capital. Yitai B - shares emphasized in the announcement that the investment is an "investment decision made on the premise of ensuring the normal operation of the main business." The high - cash - flow characteristic of the coal industry provides a financial basis for such enterprises to participate in long - term equity investment.

The fact that the giants from the seemingly unrelated industries of new energy, minerals, and coal are simultaneously eyeing the latest fund of the same private equity firm also reflects the changes in the LP structure of the current Chinese private equity market.

Traditionally, the LPs of Chinese PE funds have mainly been financial institutions, government - guided funds, and high - net - worth individuals. However, the simultaneous entry of these three industrial giants reflects the new trend of industrial capital diversifying its allocation through professional investment institutions. In addition, it can be seen from the cooperation statement that this time, industrial capital is no longer just a financial investor. It may form strategic synergy with the invested enterprises through the fund platform and explore business cooperation opportunities.

Two Blockbuster Acquisitions in One Year

In early November 2025, Boyu Capital just completed a deal that shook the consumer market - establishing a joint venture with Starbucks to jointly operate Starbucks' business in China.

According to the agreement, the new company is valued at approximately $4 billion. Boyu Capital will hold up to 60% of the equity, and Starbucks will retain 40% of the equity. This means that Boyu Capital will directly operate all of Starbucks' approximately 8,000 stores in the Chinese market.

Previously, in May 2025, Boyu Capital also acquired a 42% - 45% stake in Beijing SKP. SKP is a benchmark in China's high - end retail industry, with sales of 26.5 billion yuan in 2023, ranking among the top in the global retail industry for many years.

These two deals not only demonstrate Boyu Capital's in - depth layout in the consumer sector but also reflect its "full - chain" service capabilities - creating a synergistic effect from high - end commercial real estate to mass - consumer brands.

Data shows that Boyu Capital was established in 2011. It is an alternative asset management company deeply rooted in the Chinese market and globally deployed. The company has built a diversified investment matrix covering private equity investment, strategic allocation of listed companies, logistics warehousing and data center investment, venture capital, and new energy industry platforms.

In its early days, Boyu Capital mainly focused on private equity investment. In 2016, it expanded its business to the secondary - market investment field and launched real - estate and new - infrastructure investment and venture capital in 2020.

The founding team of Boyu Capital is extremely impressive, including Ma Xuezheng, the former CFO of Lenovo Group, Zhang Zixin, the former executive director of Ping An Insurance, and Tong Xiaofan, the former managing director of Atlantic Investment Group.

Regarding Boyu Taoran, the fund manager this time, according to the information of the Asset Management Association of China, Boyu Taoran's management scale exceeds 10 billion yuan. According to Qichacha data, Boyu Taoran is 100% controlled by Boyu Jingtai (Ningbo) Investment Management Co., Ltd. Boyu Jingtai was established in September 2016 with a registered capital of 13 million yuan. Tao Rong and Huang Ailian each hold a 50% stake.

It is reported that in Boyu's previous fund - raising, there were many heavy - weight LPs, including Singapore's sovereign wealth fund Temasek Holdings, the Li Ka - shing Foundation, and overseas public funds.

The market often describes Boyu as having precise moves and belonging to the top circle.

One can catch a glimpse of Boyu Capital's charm from its past cases. Boyu has been involved behind companies such as Alibaba, Meituan, Ant Group, Xiaohongshu, BOC Consumer Finance, Mixue Bingcheng, China Resources Beverages, Haitian Flavoring & Food, J&T Express, Huolala, and Vanke Property Service.

This article is from the WeChat official account "LP Spectrum", author: Riemann. It is published by 36Kr with authorization.