CICC, Qianhai Financial Holdings launch $3.3b PE fund
China International Capital Corporation (CICC) has teamed up with Qianhai Financial Holdings, a wholly-owned unit of the Administrative Bureau of Qianhai, to launch a private equity fund, targeting RMB20 billion ($3.3 billion).
The CICC Qianhai Development Fund will primarily invest in high-growth companies registered in Shenzhen economic district of Qianhai and support cross-border transactions, including financial services, logistics, information providers, and tehcnlogy firms. The fund is expected to reach a first close of RMB5 billion by the end of June.
CICC will partner with Qianhai Financial Holdings in establishing a joint venture for fundraising, project investments and management of the vehicle. Industrial and Commercial Bank of China (ICBC) will serve as the financial advisor to the joint venture, offering commercial banking services.
As part of broader efforts to internationalize the renminbi, Qianhai was designated a testing ground for eased currency movements in June 2012. In addition to private equity funds raising renminbi in Hong Kong, initiatives include enabling companies registered in Qianhai area to source renminbi-denominated loans from Hong Kong banks.
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