Luckin Coffee raises another $200m to fuel expansion

Chinese startup Luckin Coffee draws investment from Singapore’s sovereign wealth fund and aims to challenge Starbucks’ dominance by introducing new ways of consumption and payment.

China's fast-growing coffee chain is clearly on the double espressos. Despite widespread concerns about its cash-burning business model, it has just completed its third funding round in 10 months.

Super-charged Chinese coffee chain is set to be the first company to list on a stock market only two years after it was founded. But it's cash-burning strategy implies more funds will be raised afterwards.

The US firm will invest in Japanese PE funds and direct co-investments.

Asia Fund VI exceeded its $7bn target and will focus on opportunities across technology, industrials, consumer, healthcare, business and financial services.

Asia secondaries activity is increasing as a result of geopolitical uncertainties, a growing private equity market and rising awareness, Coller Capital’s Zhan Yang tells FA.