Hopu's Ong raising $2 bln Asia fund-source

By Stephen Aldred

HONG KONG, Feb 21 (Reuters) - 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 dealmaker.

Ong's new fund, RRJ Capital, aims to focus on traditional private equity investments, the source said.

While China-focused Hopu is widely considered a private equity firm, it also invested in hedge fund-style block trades, and took on investment banking-style advisory roles.

Among Hopu's high-profile investments were the acquisition of stakes in China Construction Bank (0939.HK: Quote, Profile, Research, Stock Buzz) and Bank of China (601988.SS: Quote, Profile, Research, Stock Buzz). Hopu was also a sell-side adviser to Argentina's Bridas Energy and Chinese offshore oil giant CNOOC (0883.HK: Quote, Profile, Research, Stock Buzz).

RRJ Capital will invest in similar sectors to Hopu, including food, natural resources, consumer goods and financial institutions, but will have a stronger focus on traditional private equity investments including private buyout deals, 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 completed raising a $2.5 billion investment fund in 2008, declined to comment. (Reporting by Stephen Aldred; Editing by Jacqueline Wong and Jonathan Hopfner)