RRJ Capital

RRJ Capital is a private equity firm based in Hong Kong and Singapore. It is one of the largest private equity firms based in Asia.[2][3]

RRJ Capital
TypePrivate
IndustryPrivate Equity
Founded2011 (2011)
HeadquartersMan Yee Building, Central, Hong Kong
Key people
Richard Ong
Charles Ong
ProductsInvestments
AUMUS$15 billion (2020)[1]
OwnerRichard Ong majority
Websitewww.rrjcap.com

Background

RRJ Capital, founded in March 2011 by Richard Ong who is currently Chairman and CEO.[1] Ong was previously Co-head of Asia investment banking at Goldman Sachs.[4] The name "RRJ" is named after his three children.

His brother, Charles Ong joined RRJ Capital in 2012 and is currently co-CEO and co-chairman. Previously, Charles was the chief strategist of Singaporean sovereign wealth fund Temasek Holdings.[4]

The firm mainly invests in companies based in China and South-East Asia. Its investment industries include healthcare, financial institutions, technology, and logistics.[1]

The firm has offices in Hong Kong and Singapore, with a team size of around 35 professionals.[1]

Funds
Fund[5] Vintage Year Committed Capital ($m)
RRJ Capital Master Fund I 2011 USD 2,300
RRJ Capital Master Fund II 2013 USD 3,600
RRJ Capital Real Estate Fund 2014 N/A
RRJ Capital Master Fund III 2015 USD 4,500
RRJ Capital Master Fund IV 2020 USD 235

Notable Transactions

In 2013 and 2015, RRJ Capital invested in two Hong Kong-listed mainland real estate property stocks, Logan Property Holding and CIFI Holdings.[6]

In 2014, RRJ Capital was the only non-Chinese direct investor in the acquisition of 30% of Chinese oil company, Sinopec.[7]

In May 2014, RRJ Capital and Temasek Holdings invested $1.8 Billion in the NN Group before its initial public offering.[8]

In November 2014, RRJ Capital and Temasek Holdings purchased $1 billion of convertible notes issued by Houston-based Cheniere Energy Inc.[9]

In July 2018, RRJ Capita invested around $1.3 billion in companies owned by HNA Group.[10] By then RRJ had a minority stake in insurance company FWD Group, which was reportedly laying the groundwork for an IPO in 2018.[11]

In April 2019, RRJ Capital completed the acquisition of all outstanding shares in Gategroup from HNA Group. As a result, RRJ Capital became the sole shareholder and Temasek was invested in Gategroup through a mandatory exchangeable bond.[12] In September 2019, Temasek converted the mandatory exchangeable bond to acquire 50% stake in Gategroup, making Temasek and RRJ co-shareholders.[13]

In March 2021, RRJ Capital invested €450 million in Vodafone's Vantage Towers as part of its initial public offering.[14]

References
  1. "RRJ Capital". RRJ Capital official website.
  2. Carew, Rick (2015-10-01). "RRJ Capital Raises $4.5 Billion in Largest Asian Private-Equity Firm Fundraising". Wall Street Journal. ISSN 0099-9660. Retrieved 2021-03-17.
  3. "Lead Story: New administration piques RRJ Capital's interest in Malaysia". The Edge Markets. 22 April 2019.
  4. Flaherty, Saeed Azhar, Michael (2011-09-02). "Asia's dealmaking Ong brothers join forces again". Reuters. Retrieved 2021-03-17.
  5. "RRJ Capital | Palico". www.palico.com. Retrieved 2021-03-17.
  6. "Can RRJ Capital repeat its Midas touch with Lai Sun Development?". South China Morning Post. 2017-08-29. Retrieved 2021-03-17.
  7. Kong, Alec Macfarlane at SuperReturn in Hong. "Richard Ong dismisses China fears". www.fnlondon.com. Retrieved 2021-03-17.
  8. "RRJ, Temasek to Invest $1.8 Billion in ING Insurance Unit". Insurance Journal. 2014-05-01. Retrieved 2021-03-17.
  9. Carew, Rick (2014-11-11). "RRJ Capital and Temasek Buy $1 Billion in Cheniere Energy Convertible Bonds". Wall Street Journal. ISSN 0099-9660. Retrieved 2021-03-17.
  10. "Private equity firm RRJ takes stake in Avolon parent entity". independent. Retrieved 2021-03-17.
  11. "Hong Kong Billionaire Richard Li Weighs Insurance IPO". Bloomberg.com. 2018-06-26. Retrieved 2021-03-17.
  12. "HNA Group sells stake in gategroup in latest divestment". Breaking Travel News. Retrieved 2021-03-17.
  13. "Temasek acquires 50% stake in airline catering firm gategroup". www.verdictfoodservice.com. 25 September 2019. Retrieved 2021-03-17.
  14. "TOP NEWS: Vodafone's Vantage Towers prices IPO; EUR950 million backing". MorningstarUK. 2021-03-09. Retrieved 2021-03-17.
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