Shanghai Private Equity Association to launch fund-of-funds
Shanghai Private Equity Association will partner with CITIC Securities and Bank of Shanghai to establish a RMB3 billion ($482 million) fund-of-funds.
According to local media, the fund aims to help ease the tough fundraising environment as well as to build a community of mature institutional investors in Shanghai.
The new vehicle will reach a first close of RMB500 million towards the end of the year, with the remaining capital raised in 2013. Potential investors include local governments, financial institutions, state-owned enterprises and other private capital.
China has started to witness the emergence of renminbi-denominated fund-of-funds. According to AVCJ Research, among the 80 disclosed renminbi fund-of-funds in China, over half were raised between 2009 and 2011. However, out of the top 10 vehicles by value, nine are government-backed, with the remaining one - Noah's Jingzhao Fund - entirely raised through private placements by high net worth individuals.
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