Hopu Investment Management

Hopu Investment Management Co. Ltd.
Native name
厚朴投资管理有限公司
Company typePrivate
IndustryAlternative investments
Founded2007; 18 years ago (2007)
Founders
HeadquartersBeijing, China
Key people
  • Fang Fenglei (Chairman)
  • Gunther Hamm (Co-President)
  • Shaun Lim (Co-President)
ProductsPrivate equity
AUMUS$15 billion (2024)
Number of employees
70+ (2024)
Websitewww.hopucap.com

Hopu Investment Management (Hopu) (Chinese: 厚朴投资; pinyin: Hòupǔ Tóuzī Guǎnlǐ) is a Chinese alternative investment firm founded in 2007 that is headquartered in Beijing.

Background

Hopu was founded in 2007 by Fang Fenglei, Richard Ong and Dominic Ho. Fang and Ong were previously senior executives at Goldman Sachs while Ho was former head of KPMG China.[1]

Hopu's first fund of $2.5 billion included Goldman Sachs and Temasek as its cornerstone investors. At the time, Hopu's description as private equity fund was criticized since it stated it would invest in Chinese local companies yet its two largest deals were acquisitions of shares in Bank of China and China Construction Bank sold by Royal Bank of Scotland and Bank of America respectively.[1][2]

In November 2010, it was reported that Hopu will not be raising a second fund, signalling the eventual winding down of the firm. By then Hopu was able to source deals in China establishing a record that many international firms were unable to replicate. Ho who had already long planned his retirement would retire from Hopu at that time.[3]

In February 2011, Ong left Hopu to found his own firm, RRJ Capital as Hopu looked closer to winding down.[4]

In November 2013 after a two-year hiatus, Hopu returned to the private equity scene by raising a $2 billion for its second fund.[5]

In February 2017, Hopu and Arm Holdings established the Hopu-Arm Innovation Fund. The fund owns part of Arm's China unit, which was spun off by SoftBank Group in 2018.[6][7]

In December 2017, Hopu targeted $2.5 billion in fundraising for its third fund.[8]

In 2021, Hopu launched the Hopu Magnolia Fund that was focused on China growth capital. In April 2023, it was reported it had raised $141 million of its trimmed $250 million target.[9]

Notable deals

In February 2014, Hopu led a consortium to arrange a private placement of $2.1 billion in new shares issued by GLP’s China operation.[10] In July 2017, Hopu led a consortium of investors including Hillhouse Investment, Vanke and Bank of China bought won a bid to take GLP private by buyout. The deal worth $11.6 billion was the largest private equity buyout in Asia at the time.[10][11]

See also

References

  1. ^ a b Anderlini, Jamil (14 May 2009). "The rise of China's ultimate dealmaker". Financial Times. Retrieved 30 November 2024.
  2. ^ Wang, Xiangwei (21 May 2009). "Hopu in spotlight after CCB share deal". South China Morning Post. Archived from the original on 1 December 2024. Retrieved 30 November 2024.
  3. ^ Sender, Henny (3 November 2010). "Hopu fund to wind itself down". Financial Times. Archived from the original on 4 December 2024. Retrieved 30 November 2024.
  4. ^ McMahon, Dinny (21 February 2011). "Hopu Partner Plans His Own Fund". Wall Street Journal. Archived from the original on 2 December 2024. Retrieved 30 November 2024.
  5. ^ Aldred, Stephen (2 May 2013). "Exclusive: China investment guru Fang targets comeback with $2 billion Hopu II fund". Reuters.
  6. ^ Weinland, Don (21 February 2019). "Veteran tech investor joins China's state-owned CICC Capital". Financial Times. Archived from the original on 2 December 2024. Retrieved 30 November 2024.
  7. ^ Suzuki, Wataru (26 November 2019). "Taiwanese startup Appier raises $80m to expand beyond Asia". Nikkei Asia. Archived from the original on 2 December 2024. Retrieved 30 November 2024.
  8. ^ Zhu, Julie (6 December 2017). "Hopu Investments raising $2.5 billion fund to tap demand for China exposure - sources". Reuters.
  9. ^ Mosqueda, Mars (27 April 2023). "China's Hopu raises $141m for China-focused buyout fund". Nikkei Asia. Archived from the original on 2 December 2024. Retrieved 30 November 2024.
  10. ^ a b Cole, Michael (25 June 2017). "Hopu, Ming Mei Bid Leads Bidding for GLP". Mingtiandi. Archived from the original on 2 December 2024. Retrieved 30 November 2024.
  11. ^ Daga, Anshuman (14 July 2017). "Chinese buyout group wins $11.6 billion bid to buy Global Logistic Properties". Reuters.