Shanghai licenses Fosun-Carlyle RMB fund
The Carlyle Group and Fosun Group have obtained a business license from the Shanghai Administration of Industry and Commerce (SHAIC) to operate their JV Fosun-Carlyle (Shanghai) Equity Investment Fund, which is now officially allowed to make investments immediately from its $100 million initial capital.
This joint venture has apparently received the first PRC business license granted to a foreign-funded equity investment partnership enterprise. The PRC's official Administration Measures on Establishment of Partnership Enterprises in China by Foreign Enterprises or Individuals was promulgated by the State Council, and is aimed at promoting broader economic cooperation and technological exchange. Chen Xuejun, Deputy Director General of SHAIC said, “The establishment of the fund has great significance and will instill new blood to the construction of Shanghai as an international financial center. It will also further enhance the development of China’s local private equity industry.”
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