Kirkland & Ellis has advised OneGate Capital, a Shanghai-based private equity firm, in the formation of the OneGate China Growth Fund, its new RMB-denominated fund formed with Wuxi Industrial Development Group Ltd. (WIDG), the investment arm of the local government in Wuxi, a regional economic center and transportation hub in eastern China with a population of almost five million. The fund aims to raise RMB 3 billion (U.S. $453 million) to tap energy industry and consumer sector opportunities in the world's fastest-growing economy. WIDG has made a commitment of RMB 900 million to the fund, one of the largest cornerstone investments to an RMB Fund to date. OneGate expects to complete fundraising for the OneGate China Growth Fund next year.
Private funds partner Justin Dolling and private funds associate Carol Liu in Hong Kong, and corporate partner Chuan Li and corporate associate Jing Li in Shanghai, led the Kirkland team advising on the RMB fund formation.
About Kirkland's Asia Practice
Kirkland focuses on complex transnational transactions throughout Asia for private equity funds and strategic acquirers. The Asia team of 18 private equity lawyers in Hong Kong and Shanghai has extensive experience advising more than 25 private equity funds in their Asian LBOs, PIPEs, joint ventures, growth equity investments, RMB and offshore fund formations, restructurings and other complex transactions in Australia, China, Hong Kong, India, Japan, Korea, Macau, Singapore, Taiwan, Thailand and other Asian countries. The Asia team is bolstered by numerous lawyers from the Firm's U.S. and European offices with extensive Asian deal experience and cultural ties.
About Kirkland & Ellis LLP
Kirkland & Ellis LLP is a law firm with approximately 1,500 lawyers representing global clients in complex private equity, corporate and tax, litigation and dispute resolution/arbitration, restructuring, and intellectual property and technology matters. The Firm has offices in Chicago, Hong Kong, London, Los Angeles, Munich, New York, Palo Alto, San Francisco, Shanghai and Washington, D.C.