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China Merchants launches alternative investment subsidiary

  • Alvina Yuen
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China Merchants Group, a leading Chinese state-owned conglomerate, has launched a subsidiary to focus on alternative investments. The new entity - China Merchants Capital – currently manages RMB20 billion ($3.21 billion) in assets. This is expected to reach RMB100 billion in five years.

China Merchants Capital will be managed by over 100 investment professionals, according to a company statement.

Tianwei Zhang, a former J.P. Morgan executive, has been appointed as the fund's chief operating officer, while Antony Leung, chairman of Blackstone Group Asia and former financial secretary of Hong Kong, will act as non-executive vice-chairman and the board's adviser.

Yuning Fu, chairman of China Merchants Group, will also serve as the chairman and CEO of the new branch.

The alternative investment arm - which was registered in January 2012 - mainly focuses on private equity investments, but will expand into fixed-income, infrastructure and commercial property.

Founded in 1872, China Merchants launched its first private equity arm, China Kezhao Hi-tech, in 1987. The group also made a number of private equity investments in high-profile companies such as US-listed Focus Media and Renren.

China Merchants Capital will be in charge of group's entire private equity investment operations.

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