RRJ Capital, a private equity firm run by former Goldman Sachs partner Richard Ong, plans to invest 1.52 billion yuan (HK$1.93 billion) for a 45 per cent stake in a joint venture with Shanghai-listed Bright Dairy & Food. Bright Dairy will consolidate all the dairy farms and related business into the joint venture, Bright Holstan, according to a filing to the Shanghai stock exchange yesterday. RRJ will invest the US dollar equivalent of 1.52 billion yuan in cash in Bright Holstan. The capital raised from the strategic shareholder would be used as working capital for dairy farms and related businesses, the mainland company said in the filing. The deal will need approval from shareholders and government regulators including Shanghai's municipal State-owned Assets Administrative Office. RRJ is an Asian investment firm that focuses on private equity investments in mainland China and Southeast Asia. Based in Singapore and Hong Kong, it was founded by Ong in March 2011. Last year, the private capital firm invested US$50 million in Shanghai-based property developer CIFI, marking its first investment in the mainland's real estate sector. It also bought a HK$2.71 billion stake in environmental services company China Everbright International. Meanwhile, Bright Dairy & Food's parent firm, Bright Food Group, is working with Citigroup on a planned purchase of Israel's Tnuva Food Industries, a source told Bloomberg. A deal could value Tnuva, Israel's largest food manufacturer and distributor, at as much as nine billion shekels (HK$19.8 billion), the source said, adding that Bright Food was performing due diligence on Tnuva. Mainland companies from Bright Food to pork producer WH Group, formerly known as Shuanghui International, have been making acquisitions overseas as rising incomes spur demand for consumer goods. Bright Food, whose domestic brands include White Rabbit candy, last year bought a 60 per cent stake in British cereal maker Weetabix for US$1.2 billion. Bright Food owns three other listed companies: Shanghai Jinfeng Wine, Shanghai Haibo, and Shanghai Maling Aquarius.