HONG KONG, March 8 - Chinese private equity firmPrimavera Capital Group, an early investor in billionaire JackMa's Ant Group, is raising a new U.S. dollar-denominated fund ofup to $5 billion, two people with direct knowledge of the mattertold Reuters. The firm, an avid investor in China's tech startups, istargeting $4 billion for its fourth dollar fund, with a hard capat $5 billion, said the people, who declined to be identified asinformation related to the fundraising is confidential. It is aiming to reach a first close within the next twomonths, one of the people said. Primavera, which has offices in Beijing and Hong Kong, didnot immediately respond to a request for comment. The fundraising comes amid heightened regulatory scrutiny ofChina's technology giants which has clouded their near-termoutlook. Tighter grip on the sector came after authorities' Novembersuspension of Ant's Shanghai and Hong Kong dual listing, whichdelayed the hefty returns early investors could have expectedfrom the world's biggest initial public offering. The financial technology giant was set to raise $37 billionat a valuation of $315 billion. It has since agreed arestructuring plan with regulators, Reuters reported inFebruary. Primavera invested in Ant's 2016 and 2018 fundraising,during which the company's valuation leapt from $60 billion to$150 billion. The private equity firm's founder and chairman,Fred Hu, serves as an independent non-executive director onAnt's board. Another Ant investor, Boyu Capital, is also targeting $6billion for its new dollar fund, Reuters reported last month. In February, Taiwan's CTBC Financial Holding Co Ltdsaid it would invest no more than $20 million inPrimavera's fourth dollar fund via unit Taiwan Life, withoutmentioning the total amount the fund was seeking. Primavera has led investments in over 50 companies acrosstech, consumer, financial services, healthcare and educationsectors, its website showed. It teamed up with Ant in the $460million spin-off of Yum China Holdings Inc in2016 and also invested in short video streaming giant Bytedanceand online wealth platform Lufax Holding Ltd. The firm more recently invested in community groceryshopping app Xingsheng Youxuan and job search site Zhaopin.com,and raised $414 million for a special-purpose acquisitioncompany. REUTERS
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