China Everbright closes global fund at $539m
China Everbright has reached a final close of $539 million on its cross-border investment fund, with the commitments coming from corporate investors, family offices, and fund-of-funds.
The CEL Global Investment Fund, established in the second quarter of 2016, hit a first close in August 2016 and a second close in January 2017. It has already deployed over $350 million into companies with a focus on high value-added sectors such as industrial communications and advanced manufacturing, according to a statement. The fund primarily targets businesses located in North America, Europe, and Asia.
Existing portfolio companies include Burke Porter Group, a supplier of intelligent machinery equipment; US-based Lapmaster Group Holdings, which produces precision manufacturing machinery; and Hong Kong's Cloud Light Technology, a data center equipment provider.
China Everbright is a Hong Kong-listed financial conglomerate engaged in fund management and principal investment. It currently has HK$138.9 billion ($17.7 billion) in assets under management across 55 funds. These include its third healthcare fund of RMB1.5 billion which reached a reached a first close of RMB800 million ($115.4 million) last October, as well as a joint investment fund with IDG Capital that targets M&A and restructuring opportunities.
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