China’s Fosun nears first close on $1b outbound fund
Fosun International is targeting $1 billion for its Chinese Momentum Fund that will invest in foreign companies seeking to expand in China, with a particular focus on Europe. The fund is approaching a first close in excess of $300 million, AVCJ has been told, after which it will commence investment.
According to The Wall Street Journal, Prudential Financial is among the investors in the fund.
Fosun formed a life insurance joint venture with Prudential in 2011 and set up a $600 million private equity fund, named Pramerica-Fosun China Opportunity Fund, with the same partner. Prudential invested $500 million in the fund and acts as the LP, while Fosun put in $100 million and operates as the GP.
Last month, the JV vehicle and Shanghai Fosun Pharmaceutical, a subsidiary of China's Fosun International, jointly invested around $240 million to acquire up to 95.6% of Israel-based Alma Lasers.
Fosun has made several direct investments in European companies with a view to boosting their China exposure. These include France-based resorts operator Club Med and Danish electronics brand Bang &Olufson.
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