LPs

Cathay reduces Fund III target to $250 mln

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  • Growth capital firm had targeted $500 mln
  • Firm has raised $193.7 million to date
  • Cathay funds have over $1.5 bln AUM

The firm launched Cathay Capital Holdings III last September with a $500 million target, according to the firm’s website and United States Securities and Exchange Commission filings. Liu did not disclose why the firm reduced its target to $250 million.

The firm’s previous fund, a 2007 vintage pool, closed on $550 million. Performance information for Cathay Capital Holdings II was not immediately unavailable.

Cathay specializes in providing growth capital to Chinese companies operating across a wide variety of industries, typically taking minority stakes through investments of $8 million to $80 million.

Cathay was founded by Paul Wolansky in 1992. The firm maintains offices in Stamford, Connecticut, Hong Kong and Beijing. Cathay has more than $1.5 billion of assets under management, according to its website.