Boyu Capital Plans to Raise $3 Billion for New China Fund

Boyu Capital Investment Management Co., fresh off its deal for a majority stake in Starbucks’ China business, plans to raise $3 billion for a new fund, according to people familiar with the matter.

The private equity firm has approached potential investors about the fund, the people said, requesting not to be identified because the matter is private. The plans are preliminary and could change, the people added.

Boyu didn’t respond to a request for comment.

The company, backed by Alvin Jiang, the grandson of former Chinese President Jiang Zemin, joins other regional firms including Hillhouse Investment Management ...