Everbright forms China-focused JV with HQ
HQ Capital has joined Yuanju Capital, an affiliate of China Everbright’s asset management arm Everbright Financial Holding, to launch a wealth management platform aimed at the Chinese market.
The platform will provide a range of renminbi-denominated financial products including private equity and venture capital funds, mutual funds, and international investment vehicles, targeting China's growing wealth and asset management markets. It will seek investments from Chinese government-related entities and corporations.
Yuanju was formed last year by Everbright and Prosnav Capital, a Shanghai-based private equity and hedge fund manager, to pursue venture capital, private equity and fund-of-fund investments for Chinese institutional investors and high net worth individuals. Prosnav was founded in 2009 and had over RMB14 billion ($2.1 billion) in assets under management as of January 2017.
"We are excited about this joint endeavor and will contribute our strong local market expertise, drawing on our agile and dynamic team with a track record of more than a decade of providing wealth management services in China to entrepreneurs and other high net worth individuals, as well as our network in China's domestic PE market," said Prosnav founder and CEO David Huang in a statement.
HQ was formed in 2015 by combining Auda Private Equity, Real Estate Capital Partners and Equita. The firm closed an Asia-focused secondaries fund at $250 million earlier this year, and currently manages $6.7 billion in private equity commitments worldwide.
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