Orchid Asia closes sixth China growth capital fund at US$920 million

Orchid Asia Group Management announced Thursday the hard close of Orchid Asia VI, the Hong Kong-based firm’s sixth China private equity growth capital fund, at US$920 million.

Public and private pension funds, insurance companies and endowments account for the bulk of the fund’s investor base, said an Orchid Asia news release.

The news release said the fund, launched in March 2014 with a target size of US$750 million, had been oversubscribed, with more than US$1.3 billion in interest.

In addition to Hong Kong, the firm has offices in Shenzhen, Shanghai, Beijing and Guangzhou.

Investors include the US$50.4 billion Pennsylvania Public School Employees’ Retirement System, Harrisburg, and the Oregon Investment Council, Tigard, which runs the US$70 billion Oregon Public Employees Retirement Fund, Salem.