PRIVATE EQUITY | Cesar Tordesillas, Malaysia

RRJ Capital raises 2nd largest Asia-based private equity fund

RRJ Capital has raised US$3.5 billion (RM11 billion) for its second fund.

It the second-largest Asia Pacific-based private equity fund ever raised.

The  Hong Kong firm is led by prominent Asia dealmakers, the Ong brothers.

The firm — run by Malaysia-born Richard Ong, formerly of Goldman Sachs Group Inc, and Charles Ong, who worked for Temasek Holdings Pvt Ltd and Lazard — is expected to finalise the fund in early March, after setting out to raise US$5 billion.

The firm has invested in US energy companies FTS International and Cheniere Energy Inc, and China biotech firm Triplex Biosciences Company Ltd.

Among Asia Pacific-based private equity funds, the fund is second only to the US$4.1 billion raised by Australia’s Pacific Equity Partners in 2008, according to data provider Preqin.

RRJ Capital raised its first fund of US$2.3 billion in 2011 and has rapidly invested most of that money.

The firm recently acquired around 70 per cent of Hong Kong-based Kingkow, a privately held children’s clothing retailer, for an undisclosed amount. Shortly before that, it invested US$150 million in the rights issue of Singapore commodity firm Olam International Limited, the source said.

Other deals include US$468 million invested in Cheniere Energy together with Singapore state investor Temasek, to help the US energy firm fund the United States’ first liquefied natural gas export plant.

The firm also invested US$50 million last year in Triplex, a company that makes kits to test for hepatitis, cervical and lung cancer, and other diseases.

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