Former Goldman Sachs banker, Fang Fenglei, is now undertaking a mission to raise US$2 billion in a new fund, according to anonymous sources familiar with the transaction. He is one of the best known bankers in China and is the founder of Hopu Investment Management.
The launch of a new Hopu fund opens up the next project of one of the most politically connected and closely watched financier from China who left the limelight a few years ago.
The fund also raises a potential conflict of interest, as Fang is the non-executive chairman of Gao Hua Securities, a unit of Goldman Sachs China investment bank. He is also co-founder of Hopu which places him in an awkward position of competing with his desk job for possible deals in Hong Kong and China.
The new fund is known as Hopu Master Fund II and has received nearly US$1 billion in commitments. This was disclosed by Fang himself but did not disclose the source of the funds. The investment strategy also remains unclear, even to the anonymous sources.
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