Prudential and Fosun form China PE fund
China's largest privately owned investment conglomerate, the Fosun Group, has teamed up with American insurance behemoth Prudential Financial Inc. (PFI) to launch a $600 million private equity fund of which Fosun will act as general partner. The aim, the companies announced, is to invest in domestic companies as well as revitalize struggling Western companies for business in the PRC.
PFI is to commit $500 million to the vehicle and will act as the fund's LP, while Fosun will inject the remaining $100 million. According to Prudential, this is the company's largest third-party investment...
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