CITIC Securities targets up to $1.6b for RMB fund
CITIC Securities is targeting RMB5-10 billion ($798 million to $1.6 billion) for its first private equity fund, most of which will come from Chinese institutions, including government agencies. The vehicle will buy stakes in companies involved in M&A processes, essentially facilitating the consolidation of domestic industries.
"Eighty percent of the fund will be used soon after its inception next month as we have many projects in the pipeline," Boming Cheng, president of CITIC Securities, told Bloomberg. The securities company...
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