LPs

Washington tees up $200 mln bet on ex-Warburg exec’s debut China fund

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  • Centurium Capital Partners 2018 is targeting $1.5 bln
  • The fund will focus on health and consumer sectors in China
  • Centurium was founded by a former Warburg Pincus director

Washington State Investment Board plans to commit $200 million Centurium Capital Management’s first fund, which will invest in consumer and healthcare opportunities in China.

The commitment was approved by the private markets committee and will go to Washington’s state investment board, which as of Sept. 30 controlled $132.3 billion in assets, on Dec. 13. Centurium Capital Partners 2018 is a midcap growth equity and buyout fund focused on the consumer and healthcare sectors in China with a target size of $1.5 billion and $1.9 billion hard cap.

Centurium Capital was founded by Hui Li, also known as David Li, who was formerly head of China investments at Warburg Pincus.

The commitment was also backed by Washington State’s independent consultant, Hamilton Lane.

The state investment board has a 23 percent target allocation to private equity.

The investment board private markets committee also recommended adding two firms to WSIB’s Tangible Assets consultant pool. The committee recommended adding Pension Consulting Alliance to its roster, while also signing a new agreement with Hamilton Lane, whose contract is expiring. Both contracts would be for five years.

Action Item: Learn more about Centurium Capital from its most recent Form ADV filing https://bit.ly/2zJukYo

Correction: This article has been corrected to clarify the amount of assets the board controls.