China's Fosun Group, Prudential to launch $600 million PE fund
China’s largest privately owned investment conglomerate, the Fosun Group, is to launch a private equity fund with US insurance giant Prudential Financial, with the latter committing $500 million to the vehicle while Fosun injects $100 million.
According to the companies, Shanghai-based Fosun will act as the fund's GP while Prudential will take the role of LP. No information has been released on its intended sector targets. Meanwhile, a Reuters report notes that this is Prudential's largest third-party investment in its history.
The news comes as the Shanghainese government launched a pilot program that enables it to be the first territory in China in which overseas investors are allowed to convert their foreign currency into renminbi for the use of private equity investing.
Last year, Fosun inked a strategic partnership with The Carlyle Group to jointly sponsor and manage an RMB fund for investments into high-growth PRC companies. That fund had an initial corpus of $100 million, with both companies aiming to broker co-investment deals with their existing funds.
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