Hudson plans China's largest RMB cleantech fund
US buyout firm Hudson Clean Energy Partners, which has $1 billion in assets under management, is planning to raise its first renminbi-denominated fund. It is being touted as the largest cleantech investment vehicle in China despite the fund’s target not being disclosed, Reuters reported.
Hudson, which exclusively invests in cleantech, partnered with the Yangzhou municipal government to manage the fund. Pending government approval, it could launch by the year's end.
"We expect it to be the largest fund of its kind in China, in clean energy," Neil Auerbach, Hudson's co-managing partner, told Reuters. This would mean it has a corpus in excess of RMB5 billion ($782.7 million), the size of the largest renminbi cleantech vehicle to date, which was launched by Green Capital Group in 2009.
TPG, The Carlyle Group, Blackstone Group and Morgan Stanley are among the Western-based private equity investors to have partnered with local municipal governments to launch renminbi-denominated funds.
In July, New Jersey-based Hudson launched its Beijing office, and appointed Zhongmin Shen as partner to oversee its China operations.
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