China Development Bank to launch fund of funds
Government-owned China Development Bank is set to take on the role of limited partner, launching China's first fund of funds worth a reported RMB60 billion ($9 billion).
According to the Financial Times, China's State Council approved the motion, further looking to boost China's private equity profile. The fund, managed by CDB unit CDB Capital, will inject the capital into other Rmb funds that maintain a focus on domestic investments. Approximately $50 billion has been raised by global and domestic PE firms, with about 30% of that raised in the first three quarters of 2010 alone.
CDB has had an active year in the PRC's private equity space. In April, it agreed to help Israel's Infinity I-China expand its focus into China, and in September, it teamed with the Chengdu Longquanyi District Government to support a regional fund named CDB Sichuan (Longquanyi) Urban-Rural Coordinated Development Fund.
More on LPs
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.