Renminbi fund
China’s SOEs asked to transfer capital gains to NSSF
China's state-owned enterprises (SOEs) should transfer their capital gains and ownership shares to the National Social Security Fund (NSSF), according to the fund's Communist Party representative.
Noah's Gopher in $80m first close on China secondaries fund
Gopher Asset Management, the private equity arm of NASDAQ-listed Noah holdings, has reached a first close of RMB500 million ($80 million) on its debut China secondaries fund.
China's NDRC seeks tighter grip on private equity
China's top planning body, the National Development and Reform Commission (NDRC), has reiterated its call for private equity funds to register with local governments. It is the latest move in an ongoing turf war over the asset class after the Chinese...
Qianhai funds win approval to raise RMB in Hong Kong - report
Chinese regulators have reportedly given the green light for private equity firms operating in Shenzhen's Qianhai region to raise renminbi offshore to invest in mainland.
Siemens sets up RMB venture fund
The venture capital arm of Siemens Financial Services (SFS VC), has set up a dedicated renminbi-denominated investment vehicle. The size of the fund has not been disclosed
China’s CSRC issues draft regulation on PE supervision
China’s securities regulator has issued draft rules that impose greater oversight on domestic private equity funds. The proposals, and in particular the watchdog role to be played by the Asset Management Association of China (AMAC), represent another...
Investors flock to CRC’s debut RMB fund
Renminbi fundraising weakened considerably over the course of 2012. Preliminary AVCJ figures showing that barely 20 vehicles attracted a total of $4.2 billion in the second half of the year, less than one third the amount raised in the previous six months.
China Resources Capital raises $153m for debut RMB fund
China Resources Capital (CRC) has raised RMB956 million ($153 million) for its debut local currency fund. The vehicle has also announced its first deal – a co-investment with mainland property developer China Vanke in a Shanghai residential project.
RMB funds: Beyond the hype
Last week AVCJ held its six-monthly media briefing at which we – joined by several industry participants – reviewed private equity activity in 2012 and offered views as to what 2013 might have in store. The data made for sober reading: Fundraising...
CIC buys stake in Heathrow Airport Holdings
China investment Corporation (CIC) has bought a 10% stake in Heathrow Airport Holdings from Spanish builder Ferrovial and other investors for GBP450 million ($725 million).
Shanghai allows offshore RMB to participate in private equity
Shanghai has reportedly given a green light for foreign players to invest in unlisted Chinese companies using renminbi capital raised offshore. The Renminbi Qualified Foreign Limited Partner (RQFLP) initiative is part of China’s efforts to promote the...
Ex-China AMC fund manager registers PE vehicle in Qianhai
A former leading manager at China Asset Management (CAMC), one of the country’s largest domestic mutual fund providers, has registered a private equity firm in Qianhai, the development zone in Shenzhen through which renminbi-denominated funds will be...
CITIC Securities targets up to $1.6b for RMB fund
CITIC Securities is targeting RMB5-10 billion ($798 million to $1.6 billion) for its first private equity fund, most of which will come from Chinese institutions, including government agencies. The vehicle will buy stakes in companies involved in M&A...
Asian PE fundraising slips in 3Q as RMB vehicles struggle
Asian private equity fundraising reached $10.8 billion in the third quarter of 2012, continuing a downward trend that stretches back 12 months, according to provisional data from AVCJ Research. Renminbi-denominated fundraising experienced the most acute...
3Q analysis: The bottom falls out of RMB fundraising
China US dollar funds attract more capital than renminbi vehicles; trade sales and secondary buyouts continue to gather pace; positive early signs for China buyouts
China’s fund-of-funds experiment
China has started to witness the emergence of renminbi-denominated fund-of-funds, but only a few institutional and individual investors appreciate their investment philosophy
CICC PE's assets under management reach $2.4b
The private equity arm of China International Capital Corporation (CICC), the country’s largest investment bank, has seen its assets under management soar to in excess of RMB15 billion ($2.4 billion).
Qianhai offers RMB funds fast track
Renminbi-denominated private equity funds will get special dispensation to raise capital in Hong Kong through a new pilot project in Shenzhen. As ever, the devil is in the detail, which has yet to be fully explained
China secondaries: Fresh start or false start?
China’s PE Secondary Market Development Alliance is meant to facilitate the trading of LP interests in renminbi funds. The absence of local expertise, portfolio transparency and mature LPs are obstacles to this.
Beijing creates PE secondaries exchange
China has set up an exchange intended to make it easier for investors to trade their holdings in equity investment funds. Launched on Thursday, the China PE Secondary Market Development Alliance will theoretically facilitate exits from positions in illiquid...
Sinopharm Capital to launch $157m RMB fund
Sinopharm Capital, a subsidiary of drug distributing conglomerate Sinopharm, has launched an RMB1 billion ($157 million) fund that will invest in different segments of the healthcare industry.
AVCJ China Awards: RMB Fundraising of the Year – Cowin Capital
After barely three months in the market, Shenzhen-based Cowin Capital successfully closed its Nanhai Growth Fund V in June 2011 at a total of RMB2.5 billion ($393 million). The vehicle took the VC firm’s total assets under management past RMB7.5 billion.
Renminbi funds face a new reality
“Do you know a company called [name redacted]?” the colleague asked on the phone. “Yes,” I replied. I had been familiar with the firm and its business model for several years. It is a relatively small outfit based in Shanghai, not widely known...
Renminbi funds face a new reality
“Do you know a company called [name redacted]?” the colleague asked on the phone. “Yes,” I replied. I had been familiar with the firm and its business model for several years. It is a relatively small outfit based in Shanghai, not widely known...