NSSF nears $3.6b private equity investments
The National Council for Social Security Fund (NSSF) announced that it had committed RMB22.6 billion ($3.6 billion) to 16 venture capital and private equity funds as of mid-September.
According to Xinhua, the 16 funds are managed by 12 local and offshore GPs, including Hony Capital, CDH Investments, CITIC Capital, SAIF Partners, CITIC Private Equity, Bohai Capital and New Horizon Capital. NSSF's investments accounted for close to 30% of the funds' combined value of RMB81.8 billion.
The pension fund - which manages RMB868.8 billion as of last year - is allowed to invest up to 10% of its assets in private equity and venture capital, which means it has considerable room to boost exposure to the asset class.
Speaking to a private equity forum in June, Dai Xianglong, NSSF's chairman, said the pension fund would increase its investment in private equity funds to RMB30 billion by the end of 2012, compared to RMB19.5 billion in 2011. He expects the total to reach RMB50 billion by 2015.
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