Hony Capital Raising Fifth US Dollar Fund

China’s Hony Capital will begin raising its fifth U.S. dollar fund before the end of 2011, Reuters reported. The private equity fund raised one of China’s first market-driven private equity funds in 2003. The firm’s Chief Executive John Zhao announced the plans during a press conference Thursday, but did not disclose other details, Reuters wrote.

(Reuters) – Hony Capital, which raised one of China’s first market-driven private equity funds in 2003, will begin raising its fifth U.S. dollar fund before the end of 2011, said Chief Executive John Zhao.

Zhao, who made the comments during a news conference on Thursday, did not provide other details. (Reporting by Lee Chyen Yee and Stephen Aldred; Editing by Chris Lewis)