A Capital launches first outbound RMB fund
Hong Kong-based PE firm A Capital has teamed with the Beijing Municipal Bureau of Financial Work to launch China’s first reminbi-denominated outbound private equity fund, with an RMB3 billion ($456 million) target.
According to the European investment group, the A Capital China Outbound RMB Fund will raise capital from Chinese institutional and private investors for deals sourced in Europe, with a focus on technology, market-access and brand targets. It will be registered in Beijing and jointly make investments with Chinese groups, receiving "preferential treatment from the Beijing Municipal Government." Regulators will support A Capital in connecting with private and state-owned companies in Beijing.
"Our objective is to establish an effective channel for Chinese equity investments into Europe and foster win-win strategic and equity partnerships between leading European and Chinese groups. Through this, we will boost the development of Chinese and Beijing leading companies, and secure strong development in China of European groups," said André Loesekrug-Pietri, Chairman and Managing Partner of A-Capital, in a release. Huo Xuewen, Head of the Beijing Municipal Bureau of Financial Work, added, "We believe this sets the momentum to welcome more European private equity expertise in the Capital City, with Beijing playing a unique role in supporting Chinese companies going global."
A-Capital, launched last year, already manages a European fund dedicated to China/Europe cross-border investments. In June, A Capital inked a PIPE co-investment with PRC conglomerate Fosun in Club Méditerranée (Club Med), with Fosun picking up a 7.1% stake in the business.
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