Quick Take: China Media Capital Adds $600 Million to War Chest
(Beijing) — China Media Capital (CMC), a private-equity investor founded by media mogul Li Ruigang, has raised $600 million for its second U.S. dollar-denominated fund to expand its portfolio of entertainment and internet investments.
CMC’s previous headline-grabbing deal was in April, when it formed a joint venture, CAA China, with Creative Artists Agency (CAA), a Hollywood talent group representing celebrities that include Beyoncé and George Clooney. Back in 2015, CMC and Warner Bros. Entertainment Inc. had also set up a Hong Kong-based joint venture, Flagship Entertainment Group, to produce and distribute films worldwide.
CMC said in a statement Wednesday that its latest fund-raising attempt was oversubscribed, exceeding its $500 million target. Investors include public pension funds, sovereign funds, insurers, and other institutional and individual investors.
The statement added that one-third of the new fund is already invested, but didn’t elaborate.
Li, dubbed “China’s Rupert Murdoch,” is an influential media and entertainment investor in China. Formerly the head of Shanghai Media Group, Li founded CMC in 2009, which is now managing two U.S.-dollar funds and two yuan funds.
CMC is an investor of Caixin Media.
Contact reporter Dong Tongjian (firstname.lastname@example.org)
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