China Everbright mezz fund leads precision casting investment
China Everbright has invested an undisclosed sum in AVIC Precision Casting Science and Technology, an affiliate of Chinese state-owned aerospace and defense company Aviation Industry Corporation of China (AVIC), via its RMB Mezzanine Fund.
AVIC, its subsidiary AVIC Capital, and COFCO Trust - the financial services arm of state-owned agricultural giant COFCO - invested alongside China Everbright, which now holds a 20.7% stake.
In a statement, China Everbright said the deal reflected the growing trend for state-owned enterprise (SOE) restructurings that involve introducing external investors via a mixed-ownership model. The Chinese government is actively encouraging these deals, perhaps best exemplified by last year's $17 billion investment - which included several PE firms - in Chinese oil refiner Sinopec's retail business.
The RMB Mezzanine Fund was established in late 2012 with a corpus of RMB800 million ($128 million). The fund typically focuses on industries such as energy and resources, high-end manufacturing, medical, new materials, oil and gas and public facilities.
China Everbright manages 10 private equity, venture capital and sector-focused funds - covering infrastructure, real estate, new energy and medical and healthcare - in both renminbi and US dollars.
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