GIC and Olympus Capital Asia Lead a US$106 Million Investment in Huaxia Dairy Farm (Asia)
Singapore’s sovereign wealth fund GIC and private equity firm Olympus Capital Asia have led a US$106 million investment in China-based milk producer Huaxia Dairy Farm. GIC and Olympus Capital Asia invested US$70 million and US$30 million, respectively, with the remaining US$6 million coming from other existing shareholders, including venture capital firm Grand River Capital. Combined with its previous investments, Olympus Capital Asia has now invested US$108 million in the company and is the company’s largest shareholder. Huaxia Dairy Farm intends to use the funds to expand its farming operations as well as its retail dairy products business.