Chinese private equity fund Hopu makes first investment outside China

The firm, which was set up by ex-Goldman Sachs investors, has acquired a 4.9 per cent stake in Lippo Karawaci, a real estate and hospital developer listed on the Indonesia Stock Exchange for a reported $45m.

Lippo is one of Indonesia’s largest listed property development companies, and has built five hospitals in Indonesia to cater for the rising demand for improved medical services by the fast-growing nation’s middle classes.

Hopu was set up last year by ex-Goldman Sachs execs, and quickly became a significant player in Chinese private equity when the firm partnered with Singapore state investment company Temasek Holdings to buy a 5.8 per cent stake in China Construction Bank from Bank of America for $7.3bn.

In July, the firm reportedly co-invested $800m with China National Oils, Foodstuffs and Cereals to share a 20 per cent stake in the China Mengniu Dairy, which had been rocked alongside other Chinese dairy companies by the scandal over melamine-tainted milk.

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