China Everbright reaches first close for global fund

The fund, CEL Global Investment Fund, will invest in equities and equity-linked securities of companies based in Europe and North America, according to a release. Investees are expected to have solid operational records and sound business models, strong growth in China and products or business solutions that have growth potential in China.

Burke E. Porter Machinery, a US-based provider of manufacturing equipment to the global automotive industry that China Everbright acquired last year for $105 million, will seed the fund. Additional investments are expected in industries that can contribute to the economic development of China, including transportation equipment; agricultural technologies; consumer products; technology, media and telecommunications; and clean energy.

China Everbright manages more than 10 private equity, venture capital and sector-focused funds in both renminbi and US dollars. Its vehicles include a fund-of-funds launched earlier this year with a target of RMB10 billion ($1.5 billion) and Catalyst CEL Fund, which launched in 2013 and closed this year after beating its target of $200 million.

"We have accumulated considerable market intelligence, practical experience and investment pipelines. The fund will continue to take advantage of these opportunities in the global markets, particularly in developed markets in Europe and North America," said Chen Shuang, executive director and CEO of China Everbright. "The Fund is expected to provide its investors with great exposures to cross-border investment, mergers and acquisitions and enhanced asset allocation and diversification opportunities and to generate investment returns for its investors."

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• Greater China
• Growth
• Fundraising
• China
• China Everbright