BOC, Guangdong government launch PE firm
Guangdong-based Yuecai Investment Holdings and BOC Group Investments, operated by the Bank of China, have jointly launched a new private equity firm, BOC Yuecai Private Equity.
As part of its launch, BOC Yuecai Private Equity received RMB60 million($9.1 million) and RMB40 million $6.1 million from Yuecai Investment and BOC Group, respectively.
Ahead of its official launch, the firm has already attracted RMB5 billion $763.4 million from investors earmarked for its first fund, named the Guangdong SME Direct Equity Investment Fund. BOC Yuecai has also signed investment contracts with six enterprises, and formed strategic partnerships with thirteen institutions. Neither fiancial details nor the identification of the fund’s investees were disclosed. The fund is linked to the Guangdong provincial government, a backer of Yuecai Investment. Claiming to be one China’s largest local lenders, BOC will help the newborn fund to with capital as well as strengthen its investment network in the country.
More on Fundraising
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.