Chinese firm eJnnn seeks $300 mln for fourth flagship fund

  • Firm markets to U.S., European investors for first time
  • Target more than $155 mln Fund III
  • eJnn invests in environmental services, consumer sectors

Chinese private equity firm eJnnn Phecda Partners (eJP) is marketing its flagship fund to U.S. and European limited partners for the first time, sources with knowledge of the vehicle told Buyouts.

eJP, a Guangzhou-based firm specializing in the environmental services sector, set a $300 million target for Fund IV. If it reaches its target, Fund IV would be almost double the size of eJnnn’s $155 million third fund, which is approximately 50 percent deployed, sources said. Return data for Fund III was not available.

The firm is reserving up to 20 percent of the fund for commitments from existing LPs, which is comprised primarily of Asian investors.

eJP will invest the bulk of Fund IV into the environmental services sector, though it may commit as much as 10 percent of the fund to consumer businesses. Approximately 60 percent of the fund will go toward Asian companies. eJP will invest the remaining 40 percent in North American or international businesses.

The firm will look for opportunities to leverage its networks in China, North America and Europe to expand Fund IV portfolio companies into new geographies, sources said.

Managing Partner Wenying Song and Lin Luo founded eJP in 2002 and operated the firm on a deal-by-deal basis for the first five years of its existence. eJP raised its first fund in 2007 with backing from Asian investors.

Prior to launching eJP, Song was a senior vice president for Bank of China and led the 2002 acquisition of Meida Nylon Chemical Co, according to the firm’s website. She acted as the company’s executive director for the next six years.

Correction: An earlier version of this article misspelled the firm’s name. It is eJnnn, not eJnn. The story also misstated when the firm was founded. 

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Photo courtesy of Reuters