Mizuho, China Merchants launch $250m growth fund
Japan's Mizuho Securities and China Merchants Group (CMG) have launched China-focused growth equity fund, which is looking to raise a total $200-250 million. Mizuho has contributed $20 million to the vehicle.
The new fund will be managed by CMH General Partner, a joint venture set up by Mizuho Securities (MHSC) and China Merchant Capital (CMC), a subsidiary of CMG. Contributions have so far come from MHSC, CMC, the Japan Bank for International Cooperation (JBIC), and several undisclosed Japanese corporations.
According to a release, the fund will target unlisted Chinese companies in need of growth capital as the economy shifts away export-driven industries to domestic demand-driven industries.
CMG is a state-owned enterprise under the direct management of the State-owned Assets Supervision and Administration Commission of the State Council (SASAC). CMC was established in 2012 to focus on the CMG's funds business.
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