Shanghai Financial fund makes largest PRC close at $1.62 billion
Shanghai Financial Industry Investment Fund, the financial services-focused private equity vehicle backed by China International Capital Corp. and Shanghai International Group, has held a first close of RMB11 billion ($1.62 billion), mostly from PRC SOEs and institutions, in what is claimed to be China's largest RMB fund to date.
Huatai Securities and Shanghai International itself were among the 15 investors so far in the fund, which targets RMB20 billion ($2.95 billion). Of the investors, five contributed more than RMB1 billion ($148 million) each, with Shanghai-based institutions committing some 20% of the total and SOEs 40%. The fund will seek to invest more than 50% of its total capital in financial services, including banking, securities, insurance and trusts, but will also target clean energy, mining, manufacturing and agriculture.
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