REUTERS/Thomas White/IllustrationBEIJING/HONG KONG (Reuters) -L Catterton, the private equity firm backed by luxury goods empire Louis Vuitton Moet Hennessy, said on Monday it aimed to raise 2 billion yuan ($275.44 million) for its first yuan-denominated fund, as it eyes early-stage investments in China.
The new fund has raised “around 1 billion yuan” at first-close, a source familiar with the matter said.
L Catterton declined to comment on a Reuters request.
The first phase of the fund will be based in the southwestern Chinese city of Chengdu, according to the statement.
($1 = 7.2611 Chinese yuan renminbi)