RRJ Capital

RRJ Capital
Company typePrivate
IndustryPrivate Equity
Founded2011; 14 years ago (2011)
HeadquartersSingapore
Key people
Richard Ong
Charles Ong
AUMUS$15 billion (2023)[1]
Websitewww.rrjcap.com

RRJ Capital is a private equity firm based in Singapore. It is one of the largest private equity firms based in Asia.[2][3]

Background

RRJ Capital, founded in March 2011 by Richard Ong who is currently chairman and CEO. Ong was previously Co-head of Asia investment banking at Goldman Sachs and co-founder of Hopu Investment Management. The name "RRJ" is named after his three children. His brother, Charles Ong joined RRJ Capital in 2012 and is currently co-CEO and co-chairman. Previously, Charles was the chief strategist of Singaporean sovereign wealth fund Temasek Holdings.[4][5][6][7][8]

The firm mainly invests in companies based in China and South-East Asia. Its investment industries include healthcare, financial institutions, technology, and logistics.[4][5][6][7][8]

In December 2023, it was reported that RRJ Capital would be aiming to raise $2 billion for its first private credit fund.[9]

Funds

Fund[10] Vintage Year Committed Capital ($m)
RRJ Capital Master Fund I 2011 USD 2,300
RRJ Capital Master Fund II 2013 USD 3,600
RRJ Capital Real Estate Fund 2014 N/A
RRJ Capital Master Fund III 2015 USD 4,500
RRJ Capital Master Fund IV 2020 USD 235

Transactions

In 2013 and 2015, RRJ Capital invested in two Hong Kong-listed mainland real estate property stocks, Logan Property Holding and CIFI Holdings.[8]

In 2014, RRJ Capital was the only non-Chinese direct investor in the acquisition of 30% of Chinese oil company, Sinopec.[11]

In May 2014, RRJ Capital and Temasek Holdings invested $1.8 Billion in the NN Group before its initial public offering.[12]

In November 2014, RRJ Capital and Temasek Holdings purchased $1 billion of convertible notes issued by Houston-based Cheniere Energy Inc.[13]

In July 2018, RRJ Capita invested around $1.3 billion in companies owned by HNA Group.[14] By then RRJ had a minority stake in insurance company FWD Group, which was reportedly laying the groundwork for an IPO in 2018.[15]

In April 2019, RRJ Capital completed the acquisition of all outstanding shares in Gategroup from HNA Group. As a result, RRJ Capital became the sole shareholder and Temasek was invested in Gategroup through a mandatory exchangeable bond.[16] In September 2019, Temasek converted the mandatory exchangeable bond to acquire 50% stake in Gategroup, making Temasek and RRJ co-shareholders.[17]

In March 2021, RRJ Capital invested €450 million in Vodafone's Vantage Towers as part of its initial public offering.[18]

See also

References

  1. ^ "RRJ Capital". RRJ Capital official website.
  2. ^ Carew, Rick (1 October 2015). "RRJ Capital Raises $4.5 Billion in Largest Asian Private-Equity Firm Fundraising". Wall Street Journal. ISSN 0099-9660. Retrieved 17 March 2021.
  3. ^ "Lead Story: New administration piques RRJ Capital's interest in Malaysia". The Edge Markets. 22 April 2019.
  4. ^ a b Browne, Dinny McMahon And Andrew (20 February 2011). "Hopu's Ong Plans His Own Fund". Wall Street Journal. ISSN 0099-9660. Retrieved 15 July 2023.
  5. ^ a b WSJ, Rick Carew. "RRJ Capital closes biggest private equity fundraising by an Asian firm". www.fnlondon.com. Retrieved 15 July 2023.
  6. ^ a b Flaherty, Saeed Azhar, Michael (2 September 2011). "Asia's dealmaking Ong brothers join forces again". Reuters. Retrieved 17 March 2021.{{cite news}}: CS1 maint: multiple names: authors list (link)
  7. ^ a b Hughes, Jennifer (8 January 2015). "RRJ Capital plans to raise record $4bn for new Asia fund". www.ft.com. Retrieved 15 July 2023.
  8. ^ a b c "Can RRJ Capital repeat its Midas touch with Lai Sun Development?". South China Morning Post. 29 August 2017. Retrieved 17 March 2021.
  9. ^ "PE Firm RRJ Seeks to Raise $2 Billion for New Asia Private Credit Fund". Bloomberg.com. 5 December 2023. Retrieved 5 December 2023.
  10. ^ "RRJ Capital | Palico". www.palico.com. Retrieved 17 March 2021.
  11. ^ Kong, Alec Macfarlane at SuperReturn in Hong. "Richard Ong dismisses China fears". www.fnlondon.com. Retrieved 17 March 2021.
  12. ^ "RRJ, Temasek to Invest $1.8 Billion in ING Insurance Unit". Insurance Journal. 1 May 2014. Retrieved 17 March 2021.
  13. ^ Carew, Rick (11 November 2014). "RRJ Capital and Temasek Buy $1 Billion in Cheniere Energy Convertible Bonds". Wall Street Journal. ISSN 0099-9660. Retrieved 17 March 2021.
  14. ^ "Private equity firm RRJ takes stake in Avolon parent entity". independent. Retrieved 17 March 2021.
  15. ^ "Hong Kong Billionaire Richard Li Weighs Insurance IPO". Bloomberg.com. 26 June 2018. Retrieved 17 March 2021.
  16. ^ "HNA Group sells stake in gategroup in latest divestment". Breaking Travel News. Retrieved 17 March 2021.
  17. ^ "Temasek acquires 50% stake in airline catering firm gategroup". www.verdictfoodservice.com. 25 September 2019. Retrieved 17 March 2021.
  18. ^ "TOP NEWS: Vodafone's Vantage Towers prices IPO; EUR950 million backing". MorningstarUK. 9 March 2021. Retrieved 17 March 2021.