Bridgewater Associates LP has raised $1.25 billion for its third investment fund in China, according to a report by The Wall Street Journal on Wednesday.
Bridgewater, founded by Veteran China bull Ray Dalio, started rolling out private funds in the country in 2018 after its American asset manager got a green light to raise funds from high-net-worth individuals and institutional investors in China.
The company’s assets under management in China ranged from around $313 million to $782 million as of early August.
The firm’s newest onshore fund was presented to institutional investors and wealthy individuals and has obtained 8 billion yuan.
The figure is a proportion of nearly $150 billion that Bridgewater manages globally, but the new fund is much larger than its similar products from other foreign private-fund managers in China.
Today, only one of its 35 foreign-owned private funds manages over 5 billion yuan, which classifies the firms’ assets under management within certain ranges.