CENTURIUM Capital, a big backer of domestic startup Luckin Coffee, said it has raised more than US$2 billion in its debut fund, giving the private equity firm more firepower to cut deals involving the world’s second-largest economy.

The firm, co-founded by the former head of Warburg Pincus Asia Pacific, David Li, said in a statement yesterday that it raised the sum in U.S. dollars from investors for Centurium Capital Partners 2018 L.P.

The fund has secured strong interest from global investors, known as limited partners (LPs), such as pension funds, sovereign wealth funds and funds-of-funds, it said.

Investors in the fund include Singapore’s GIC Pte Ltd. and Temasek Holdings, Canada’s Ontario Teachers’ Pension Plan, China Investment Corp. (CIC) and U.S. pension fund Washington State Investment Board, said two sources with direct knowledge of the matter.

The U.S. dollar fund will help Centurium invest in Chinese firms that use overseas structures such as variable-interest entities.(SD-Agencies)