Yao Capital seeks US$250m for first US dollar fund

Hong Kong

YAO Capital, the Chinese private equity firm co-founded by former NBA superstar Yao Ming, said it aims to raise US$250 million for its first US dollar fund that will invest in overseas sports assets with relevance to the Chinese market.

The firm is in talks with prospective international investors, including university endowments and private wealth managers, about the fund which it plans to launch this year, co-founder and CEO David Han told Reuters in an interview late on Friday.