Taiwan’s CDFH, Fujian Electronics in first close on debut RMB fund
Taiwan-based China Development Financial Holding (CDFH) and China’s Fujian Electronics & Information Group have reached a first close of RMB1 billion ($162 million) on their debut renminbi-denominated fund.
The 2011 vintage Hua Chuang Equity Investment Fund, which is targeting a final close RMB2 billion, is the first renminbi fund launched by a Taiwanese financial institution in conjunction with a Chinese enterprise.
Domiciled in Pingtan Experimental Area in the eastern part in Fujian province, the fund is managed by a team drawn from of CDFH and Fujian Electronics. It will invest in the IT, healthcare and consumer sectors.
Paul Yang, chairman of CDIB Capital International Corporation, told local media that the fund is regarded as a breakthrough in terms of cross-strait cooperation on private equity investment backed by government policy.
CDFH is the only Taiwanese financial services company that has obtained regulatory approval to establish private equity funds in China. The company is looking to raise three further renminbi funds through partnerships with local venture capital firms and Chinese enterprises.
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