Ant group’s early investor Primavera closes fourth fund at $4 billion

Chinese private equity firm Primavera Capital Group, an early investor in billionaire Jack Ma’s Ant Group, has closed its fourth US dollar-denominated private equity fund at $4 billion, said two people with direct knowledge of the matter.

The fundraising by Primavera, which invests primarily in China but has diversified into Southeast Asia and North America over the years, comes amid global macroeconomic and geopolitical challenges that have weighed on dealmaking activities.

Primavera declined to comment. The sources declined to be named as they were not authorised to speak to the media.