Boyu Capital is a private equity firm whose partners include TPG executive Mary Ma and the grandson of former Chinese President Jiang Zemin. The company planned to raise its second fund as it seeks US$1.5 billion according to sources familiar with the plan.

The firm raised its first fund amounting to US$1 billion in 2011. It received back up from big Asian investors including Singapore state fund Temasek Holdings and Li Ka-shing, the richest man in Asia.

A second fund is expected to be launched by Boyu in the second half of the year according to sources. Its focus will continue on investing into Chinese companies.

Aside from Ma and Alvin Jiang, other partners for Boyu include ex-Ping An Insurance executive director, Louis Cheung. Former Providence Equity Partners dealmaker Sean Tong also adds the list of partners.

Boyu attracted strong investor demand in 2011 considering its partnership with Ma. The long history of deal making in China along with Ma's 50 years of professional experience is shared with Tong and Cheung. This made its second fund even more attractive for investors as stated by sources familiar with the matter.