AgBank launches $2.3b private equity fund in Wuxi
Agricultural Bank of China and the Wuxi city government have launched a RMB15 billion ($2.3 billion) private equity fund. The AgBank (Wuxi) Private Equity Fund will receive an initial capital injection of RMB5 billion ($773 million).
The fund is to operate as a partnership sponsored by AgBank International Holdings and Wuxi International Financial Group. According to a statement released by AgBank, the fund will leverage the bank's financial strength and the local government's industry expertise.
Target industries include energy conservation, information technology, biotech and software and services outsourcing.
AgBank is also investing alongside HNA Group in an RMB20 billion ($3 billion) logistics-focused industrial fund launched by the Chongqing government. It is the bank's first formal industry fund.
In the last year, China Construction Bank has set up a RMB2 billion ($300 million) cultural industry investment fund, while Industrial and Commercial Bank of China launched a RMB15 billion ($2.3 billion) industrial fund in partnership with the Jiangxi provincial government.
Last year, Bank of Communications said it wanted to raise s $200-500 million private equity fund to target domestic investments.
More on Industrials
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.