CDB Capital raises $1.4b for fund-of-funds
CDB Capital, the fund management arm of China Development Bank, has reached a second close of RMB9 billion ($1.4 billion) for its new private equity fund-of-funds.
The CDB Guochuang Kaiyuan Private Equity Fund of Funds plans to raise RMB10 billion by the end of the year, according to an e-mailed statement from CDB Capital, Bloomberg reported.
The vehicle is part of the Guochuang Fund of Funds, which was established in December 2010 by CDB Capital and Suzhou Ventures Group, with a total authorized capitalization of RMB60 billion and a first phase target of RMB15 billion, the company said in an earlier statement.
The first phase was divided into two parts, featuring the Kaiyuan Fund, a private equity arm with an initial target of RMB10 billion in capital, as well as another venture capital arm, namely the Yuanhe fund, with RMB5 billion in capital.
Kaiyuan Fund reached a first close in December 2010 and has already invested in some private equity funds. The fund-of-funds is also in talks with potential investors including China's national pension fund and plans to complete its final closing by the end of the year.
CDB Capital was established by China Development Bank as part of its long-term strategy to transform from a policy bank into a fully fledged commercial lender. Its total assets under management exceeded RMB50 billion as of 2010.
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