SBI, Kingston form $100m Greater China fund
Japan’s SBI Holdings will launch a $100 million fund with Hong Kong-based Kingston Financial Group that will invest in public and private companies in Greater China. Each party has agreed to contribute $50 million to the vehicle, which will be launched this month, SBI said in a filing to the Hong Kong Stock Exchange.
The announcement comes after SBI and Kingston signed a memorandum of understanding in April to form an alliance in the financial sector, focusing chiefly on Hong Kong and mainland China. In May, SBI and SBI Securities took a 2.74% stake in Kingston, whose principal interests are in the securities business.
SBI has formed several alliances with a view to increasing its China exposure. In August, it said it would launch a $24 million venture fund with Taiwanese financial corporation Shin Kong Group and Hong Kong-based real estate firm Nang Fung Group.
SBI last year formed a "China Japan M&A Club" alongside its subsidiary SBI Investment as the Japan-related branch of the China Mergers & Acquisitions Association. Also last year, it announced plans for two venture capital funds - one renminbi and one US dollar vehicle - to be run in conjunction with Fudan University in Shanghai.
Separately, Brightrust reported that SBI's joint venture with Abu Dhabi Investment Company, the Invest AD/SBI Africa Fund, has made its first investment. The fund, which was set up in January and focuses on Africa, participated in the IPO of Bank of Kigali, Rwanda's largest commercial lender.
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