CMC Capital Partners closes US$600m US dollar fund

CMC Capital Partners, one of China’s most influential media and entertainment investors, announced on Wednesday that it had completed fundraising for its second US dollar fund having reached its target of US$600 million.

CMC operates two US dollar funds and two yuan funds. It owns key stakes in Hong Kong’s dominant free-to-air broadcaster Television Broadcasts (TVB) and film studio Shaw Brothers, and is also a minority shareholder of Los Angeles-based Creative Artists Agency (CAA).

This latest fund will focus its investments on the media and entertainment, the online technology and media, and the events industries, following the model of CMC’s first US dollar fund, the company said in a statement.

The investors include international institutional investors from North America, Europe and the Middle East, the statement added.

“Chinese companies are playing an increasingly important role in the area in which we are operating,” said Li Ruigang, CMC’s founder and chairman, who has been dubbed China’s Rupert Murdoch.

“As in the past, we are heartened by the trust of our previous investors, and by the vigorous support of our new investors.”