NBA star Yao Ming steps into private equity - report
Yao Ming, China's former NBA star, has reportedly invested in two private equity funds since 2011. The funds are between them targeting about RMB6.6 billion ($1.1 billion).
The ex-Houston Rockets player has backed D&F Capital, China's first-ever sports-focused private equity fund, which was set up in 2011, 21st Century Business Herald reported.
He subsequently took over Hongyuan Equity Investment Fund - formerly Chongqing Yitai Equity Investment Fund - alongside his team of investors. The RMB5 billion fund, which began operating in August last year, wants to raise up to RMB500 million and is targeting a first close this month.
Sources told local media that the fund's first investment could be in Chongqing's financial group Yinhai Leasing, a company controlled by the local arm of the State-owned Assets Supervision and Administration Commission.
Prior to private equity, Yao had invested in various industries including digital music, basketball teams, gynasiums and red wine. As early as 2006, the basketball star was said to have committed $3 million to Top100.cn, a Chinese music website.
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