Asia-focused buyout fund manager Affinity Equity Partners has invested US$123 million in a dairy farming joint venture with Chinese state-owned enterprise (SOE) Beijing Capital Agribusiness Group, also known as Sunlon. Sunlon will spin-out its dairy farming operation into the joint venture, taking a 60 percent stake to Affinity’s 40 percent stake. The assets will comprise 32 farms with 46,000 cattle. The investors intend to increase the herd to 100,000 over the next five years. This is reportedly the 12th and final commitment from Affinity’s third pan-Asian fund.