Carlyle growth fund to invest $115m in China's JIC Leasing
The Carlyle Group has agreed to commit $115 million from its growth fund to JIC Leasing, the equipment leasing subsidiary of China Jianyin Investment.
The deal, which will close in the second half of the year subject to regulatory approval, will see Carlyle take an 18.5% stake in JIC, according to a release. It comes just days after Carlyle committed $120 million from its buyout fund to Shanghai ANE Logistics.
Founded in 1989, JIC provides equipment to the information technology; advanced equipment manufacturing; and healthcare, environment and alternative energy sectors. It is headquartered in Beijing and has offices in Shanghai and Hong Kong.
China Jianyin, the owner of JIC, is itself a subsidiary of state-owned enterprise Central Huijin Investment. It manages a wide array of companies, including private equity firm JIC Capital Management, which recently partnered with US renewable energy company SunEdison to build a solar electricity plant in China.
Carlyle's Asia Growth Partners IV fund closed in 2009 at $1 billion. The sector-agnostic fund invests in emerging companies in China, India, and South Korea, along with other countries in Asia. Carlyle's most recent buyout fund, Carlyle Asia Partners IV, closed last year at $3.9 billion.
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