Warburg Pincus closed its latest private equity fund, Warburg Pincus China, at its $2 billion hard cap after six months in the market, a firm spokesman confirmed.
Warburg Pincus China is a companion fund to Warburg Pincus Private Equity XII, which closed in late 2015 with $13.4 billion in commitments.
Each fund will contribute 50% to growth investments made by the Warburg Pincus team in Chinese companies, for a total of $4 billion. Warburg Pincus will be focusing on growth investments in China, as opposed to buyouts.
A news release by the firm said it was able to garner commitments in excess of its $2 billion hard cap for the China fund in roughly six months from existing investors in its funds as well as new investors.
Investors in the China fund include the $109 billion Washington State Investment Board, Olympia; the New Jersey Division of Investment, Trenton, which manages the $70.7 billion New Jersey Pension Fund,
The fund received commitments of up to $200 million from the $109 billion Washington State Investment Board, Olympia; up to $100 million from the $70.7 billion New Jersey Division of Investment, Trenton; up to $75 million from the $70.9 billion Ohio State Teachers Retirement System, Columbus; and up to $50 million from the $80.9 billion Minnesota State Board of Investment, St. Paul.
