Warburg Pincus closes debut China PE investment fund at $2b
Warburg Pincus has closed its private equity fund Warburg Pincus China after just six months, after receiving commitments well in excess of its $2bn hard cap, according to a company spokesman. The fund will be a companion to Warburg Pincus Private Equity XII, which closed in 2015, and both will contribute 50% to growth investments of up to $4bn in Chinese companies. Investors included the Washington State Investment Board, the New Jersey Pension Fund and the Minnesota State Board of Investment.
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.