Chinese 100 yuan banknotes in Beijing, China. (Photographer: Nelson Ching/Bloomberg News)

Sailing Capital Seeks $1.5 Billion for Second PE Fund

(Bloomberg) -- Sailing Capital, a Chinese private equity firm targeting overseas investments, is seeking to raise the equivalent of about $1.5 billion for its second fund, according to people with knowledge of the matter.

The firm has reached out to potential investors including sovereign wealth fund China Investment Corp. to gauge their interest, said the people, who asked not to be identified because the details are private. The new yuan-denominated fund, which will focus on consumer, health-care and technology investments, could close in the next few months, one of the people said.

Sailing Capital raised about $1 billion for its inaugural fund in 2013, according to its website. Through its first fund, Sailing has invested in Silicon Valley-based alternative meat company Impossible Foods Inc., U.S. biopharmaceutical company Cellular Biomedicine Group Inc. as well as Chinese artificial intelligence start-up SenseTime Group Ltd.

Sailing Capital focuses on overseas investments with capital raised domestically in the Chinese currency, according to its website. Deliberations are at an early stage, and details of the fundraising may change, the people said.

CIC and Sailing Capital declined to comment.

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