BHR Partners

BHR Partners (Bohai Harvest RST (Shanghai) Equity Investment Fund Management Co., Ltd.) is a private investment fund founded in 2013 by Chinese and American partners to make investments outside of China.

Corporate Affairs

BHR was founded in 2013 by two Chinese-registered asset managers, Bohai Industrial Investment Fund and Harvest Fund Management, and two U.S. organisations, Rosemont Seneca Partners and Thornton Group LLC.[1][2][3]

The Chinese registered asset managers are BOC International Holdings-backed Bohai Industrial Investment Fund Management and Deutsche Bank-backed Harvest Fund Management.[3] Rosemont Seneca is a Washington, D.C.-based investment and advisory firm. The firm's founding partners are Hunter Biden, the son of U.S. Vice President Joe Biden, Devon Archer and Chris Heinz.[2] Thornton Group is a Boston-based cross-border investment advisory firm founded by Michael Lin and James Bulger, son of former Massachusetts state Senate President William Bulger.[2]

Hunter Biden announced his intention to resign from the company in October 2019 so as not to complicate the U.S. Presidential aspirations of his father, Joe Biden.[4]

Fundraising

The firm set out in 2014 to raise $1.5 billion for investments, some in dollars and some in yuan. The yuan investments were to be converted to U.S. dollars through Shanghai Free-Trade Zone, facilitating offshore investment for Chinese investors. The website said the company has "the support of Bank of China, China Development Bank Capital, and other major Chinese financial institutions.[1]

Transactions
  • 2014 - Approximately RMB4 billion in the Chinese pilot State-Owned Enterprises reform deal "involving the segregation and capitalization of Sinopec Group’s non-oil business into Sinopec Marketing Corporation";
  • 2015 - Henniges Automotive[5] with strategic partner, AVIC Auto;[6] total transaction valued at around US$600 million;
  • Investments in China General Nuclear (CGN), 3Bio Inc., and Didi Taxi.[7]
  • In November, 2016, BHR agreed to purchase Lundin Mining Corp's minority stake in African copper mine Tenke Fungurume Mining S.A. for $1.14 billion in cash. Lundin held a 30% interest in TF Holdings, a holding company, and an effective 24% stake in the mining operation. Freeport-McMoRan Inc. currently owns the remaining 70% stake in TF Holdings (an effective 56% of the mine), but is in the process of selling its stake to China Molybdenum Co. for a reported $2.65 billion. The Democratic Republic of the Congo, where the Tenke mine is located, owns the remaining 20% of the mine.[8]
  • In 2017, BHR invested in a Chinese technology company Megvii.[9][2]

References
  1. "About Us", company webpage. Retrieved 2019-11-4.
  2. "Chinese Fund Backed by Hunter Biden Invested in Technology Used to Surveil Muslims". The Intercept. May 3, 2019.
  3. Deng, Chao, [https://www.wsj.com/articles/bohai-harvest-and-u-s-investment-firms-expand-target-for-outbound-fund-1404956572 "Bohai, Harvest and U.S. Investment Firms Expand Target for Outbound Fund", Wall Street Journal, July 10, 2014. Retrieved 2016-11-16.
  4. "Hunter Biden to step down from board of Chinese-backed private-equity firm: Candidate's son says he won't work for any foreign-owned companies if his father is elected president". Associated Press. October 13, 2019.
  5. "Henniges Automotive is back". The Gazette. April 25, 2010. Retrieved 4 September 2017.
  6. "Henniges Automotive acquired by China's AVIC Automotive". Automotive News. September 11, 2015.
  7. "Funds", company webpage. Retrieved 2016-11-16.
  8. McKinnon, Judy, "Lundin Mining to Sell Stake in African Mine for $1.14 Billion" (possibly subscription only), Wall Street Journal, November 15, 2016. Retrieved 2016-11-15.
  9. "Chinese facial recognition firm Megvii raises $750m". Financial Times. May 8, 2019.
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