KKR & Co LP, Sequoia Capital China and Everbright Private Equity, have committed three-quarters of the $145 million Hong Kong IPO of China Outfitters Holdings.
According to an IFR report, the three private equity funds had committed $110 million as cornerstone investors.
Private equity firms are increasingly stepping in to join pre-IPO financings. The funds are providing capital to fast-growing companies on the IPO track that need a chunk of cash before they can list, an area of financing that hedge funds previously dominated in Asia prior to the 2008 financial crisis.
U.S. private equity fund KKR has committed $60m, the Everbright fund has committed $25m and Sequoia has committed $25m.
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