BHR Partners is a private investment fund founded in 2013 by Chinese and American partners to make investments outside of China.
Corporate Affairs
BHR was founded in 2013 by two Chinese-registered asset managers, Bohai Industrial Investment Fund and Harvest Fund Management, and two U.S. organisations, Rosemont Seneca Partners and Thornton Group LLC. The Chinese registered asset managers are BOC International Holdings-backed Bohai Industrial Investment Fund Management and Deutsche Bank-backed Harvest Fund Management. Rosemont Seneca is a Washington, D.C.-based investment and advisory firm. The firm's founding partners are Hunter Biden, the son of U.S. Vice President Joe Biden, Devon Archer and Chris Heinz. Thornton Group is a Boston-based cross-border investment advisory firm founded by Michael Lin and James Bulger, son of former Massachusetts state Senate President William Bulger. Hunter Biden announced his intention to resign from the company in October 2019 so as not to complicate the U.S. Presidential aspirations of his father, Joe Biden.
Fundraising
The firm set out in 2014 to raise $1.5 billion for investments, some in dollars and some in yuan. The yuan investments were to be converted to U.S. dollars through Shanghai Free-Trade Zone, facilitating offshore investment for Chinese investors. The website said the company has "the support of Bank of China, China Development Bank Capital, and other major Chinese financial institutions.
Transactions
2014 - Approximately RMB4 billion in the Chinese pilot State-Owned Enterprises reform deal "involving the segregation and capitalization of Sinopec Group’s non-oil business into Sinopec Marketing Corporation";
In November, 2016, BHR agreed to purchase Lundin Mining Corp's minority stake in African copper mineTenke Fungurume Mining S.A. for $1.14 billion in cash. Lundin held a 30% interest in TF Holdings, a holding company, and an effective 24% stake in the mining operation. Freeport-McMoRan Inc. currently owns the remaining 70% stake in TF Holdings, but is in the process of selling its stake to China Molybdenum Co. for a reported $2.65 billion. The Democratic Republic of the Congo, where the Tenke mine is located, owns the remaining 20% of the mine.
