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Sunday, February 20, 2011

Hopu's Ong raising own $2 bln Asia fund -source, (NYSE: GS)

Hopu Investment Management Co founding partner Richard Ong is establishing his own $2 billion Asia fund, a source with direct knowledge of the matter said on Monday, ending speculation on the next move for the high-profile former Goldman Sachs (GS.N) dealmaker. Ong's new fund, RRJ Capital, will focus on more traditional private equity investments, the source said. Hopu was co-founded with Fang Fenglei, who helped Goldman establish its China investment banking joint venture, and Dominic Ho, a former KPMG executive. Hopu, which raised a more than $2 billion investment fund, declined to comment. (Reporting by Stephen Aldred; Editing by Jacqueline Wong)