China Everbright reaches second close on global fund
China Everbright has reached a second close of $294 million on its cross-border investment fund.
The CEL Global Investment Fund, which achieved a first close of $264 million in August, has a target of $500 million. The GP expects to hold a final close on the fund within this year, according to a release.
The fund will invest in equities and equity-linked securities of companies based in Europe and North America, primarily through M&A. The investees are expected to have proven operational records and sound business models, strong growth in China and products or business solutions that have growth potential in China.
Target sectors include advanced manufacturing, transportation equipment, agricultural technologies, consumer products, clean energy, technology, media and telecommunications (TMT), and healthcare.
China Everbright manages more than 33 private equity, venture capital and sector-focused funds. These include Catalyst CEL Fund, which was closed last year after beating a its target of $200 million, as well as a joint investment fund with IDG Capital that targets M&A and restructuring opportunities.
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