Report: China’s Hosen doubles Fund II target

Private equity firm Hosen Capital reportedly now plans to raise $400m for its latest agri fund, said to be anchored by Chinese agribusiness conglomerate New Hope Group.

Hosen Capital has reportedly raised the target for its second Chinese agriculture-focused fund to $400 million, according to a report in the Asian Venture Capital Journal (AVCJ).

The firm launched its New Hope Agriculture and Food Fund II in 2012 targeting $180 million, according to PEI Research & Analytics. It presumably takes its name from the fund’s reported anchor investor, Chinese agribusiness conglomerate New Hope Group.

It was unclear at press time how much the fund had raised to date, or whether the firm was using a placement agent. Other known investors include the International Finance Corporation (IFC), which in 2013 proposed a $20 million commitment.

Hosen could not immediately be reached for comment.

In January, it acquired Reuprecht Company, a beef processor and a proteins producer for the retail, food service and private label industries. The acquisition was made from its New Hope Investment Fund, according to a statement at the time, but it was unclear which of the firm’s funds that refers to.

Founded in March 2010, Hosen’s other funds include New Hope Industrial Fund I, which closed on CNY 1.00 billion ($157.3 million) in 2010, and New Hope Industrial Fund II, which closed on $200 million the following year, according to PEI data. Its investors include Singaporean sovereign wealth fund Temasek, international trading company Mitsui & Co and US conglomerate Archer-Daniels-Midland (ADM).