Rockefeller family's Rose Rock to launch $2b JV in Tianjin
A subsidiary of the Rockefeller family investment group, Rose Rock Capital, is looking to raise $2 billion for renminbi- and US dollar-denominated investments in commercial properties in Tianjin, Reuters reported, citing the China Securities Journal.
The China Daily added that the private equity investment - Rockefeller's first in China - would be facilitated through a joint venture with a locally based Tianjin Finance Investment. The joint venture would invest in real estate development and infrastructure, culture and education projects, beginning later this year. The parties are looking to raise RMB5 billion ($777 million) beginning this year, and the remainder over the next seven to nine years, the report added.
Rose Rock will control 90% of the fund's management duties and Tianjin Finance will focus on government relationships.
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