Origo restructures China cleantech fund

UK investment trust EWPO and Origo each committed $15 million to CCP when it was launched in 2011. The vehicle was managed on a 50-50 basis by Origo and EMFI, an affiliate of EWPO.

Under the new agreement - which came into effect on February 21 - Origo will be the sole partner of CCP and hold a majority LP interest in the associated renminbi-denominated sub-fund. The China-focused PE firm will also secure further commitments of RMB185 million ($30.2 million) from Chinese state-sponsored investment vehicles.

According to a release, Origo has also repaid a total of $260,000 advanced by EMFI to CCP and related entities in the form of equity subscription and loans in consideration for obtaining a 100% ownership of the management group.

"Our cleantech investments, all held on our balance sheet, continue to benefit from increased demand driven in part by continued support for the sector from the Chinese Government," said Chris Rynning, CEO of Origo. "However, in light of our recent strategic shift to focus on managing our existing portfolio of investments, we have decided to discontinue our relationship with the Ecofin group and the active marketing of our cleantech fund."

CCP is a dual currency private equity fund providing growth and expansion capital to Chinese clean technology businesses and is the sole vehicle for Origo's investments in the cleantech sector.

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• Topics
• Fundraising
• Greater China
• Cleantech
• Cleantech
• Origo Partners
• China
• Fundraising