Sailing Capital, Shanghai New Culture Media launch $165m fund
Sailing Capital has teamed up with Shanghai New Culture Media, a Shenzhen-listed media enterprise, to launch a RMB1 billion ($165 million) culture fund.
The Sailing New Culture Private Equity Fund, managed by Sailing Capital, is expected to receive RMB200 million from New Culture Media. It is seeking a further RMB310 million from private enterprises and the remaining will be raised from the Shanghai government, according to a regulatory filing.
The fund will primarily focus on culture, media, travel, advertising, gaming and advertising businesses, with investments structured as private equity, M&A, debt financing and mezzanine.
The underlying purpose of the fund is to enhance New Culture Media's supply chain systems. The Shanghai-based media group engages in production and distribution of radio and TV programs, and films.
Two weeks ago, Sailing and its subsidiary Shanghai Sailing Industrial Capital launched a RMB$5 billion buyout fund in a bid to facilitate cross-border transactions.
Xiaodong Liu, Sailing Capital's CEO, noted that an agreement had been signed with the Shanghai Stock Exchange to support companies in the acquisition of overseas targets and incorporate these businesses into the domestic listed entities.
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