China-based Shoreline Capital, a private fund manager focused on the Chinese market, has closed a $500m fund featuring a range of undisclosed insurance companies.
Shoreline China Value III was oversubscribed and included investors from the US, Canada, Europe and Asia. Government and private pensions, endowments, foundations, family offices and high-net-worth individuals, all unnamed, contributed to the fund.
Established in 2004, Shoreline focuses on illiquid companies that struggle with slowed economic growth, resulting from the lending boom in the country between 2009 and 2011.
The firm concurrently raised a $115m overflow fund, which it expects to increase further.
Benjamin Fanger, co-founder and managing partner of Shoreline Capital, said: “In addition to non-performing loans, the slowing economic growth has generated distressed special situations opportunities where companies need to weather difficult times.
“Shoreline is probably the only fund manager that has over a decade of experience specializing in both non-performing loans and special situations in China.”