Carlyle announces Beijing RMB fund
The Carlyle Group has announced an MOU to form a Beijing-based RMB fund in partnership with the Beijing Municipal Bureau of Financial Work.
The new fund, to be called Carlyle Asia Partners RMB Fund, will be registered in Beijing and supported by the Beijing city government. According to Carlyle, the new fund, once established, may co-invest with other Carlyle Asia Partners units, as well as targeting independent growth capital investments. Daniel A. D’Aniello, Carlyle Founding Partner and MD, said publicly, “the Carlyle Asia Partners RMB Fund will help expand our investment capabilities in Beijing and across China, further Carlyle’s strategy of localizing our franchise in China and contribute to the healthy development of the local private equity industry.” The fund’s target size and LP base were not disclosed.
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