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CIC teams with foreign firms to launch fund in Europe
By Louise Ho |
May 3, 2012, Thursday
|
Online Edition
Online Edition
CHINA Investment Corporation (CIC), China's sovereign wealth fund, has partnered with foreign two companies to launch a fund that will help Chinese companies invest in Europe.
CIC signed an agreement with Belgian Federal Holding and Investment Company and private equity company A Capital in Brussels on Wednesday. Vice Premier Li Keqiang attended the signing ceremony.
The fund, which is the first that China has set up in the eurozone, plans to take minority stakes alongside private or state-owned Chinese companies in European companies with yearly sales of over 100 million euros (US$131.5 million) and good growth potential in China.
"The fund can expand the investment channels of the CIC in leading European companies," said CIC Chairman Lou Jiwei in Brussels. "The investment fits the strategy of the CIC in finding opportunities to have long-term investments in leading companies in the European market."
CIC did not disclose the amount of the fund, but media reports said the target size of the fund will be 250 million euros. A Capital will manage the fund.
CIC signed an agreement with Belgian Federal Holding and Investment Company and private equity company A Capital in Brussels on Wednesday. Vice Premier Li Keqiang attended the signing ceremony.
The fund, which is the first that China has set up in the eurozone, plans to take minority stakes alongside private or state-owned Chinese companies in European companies with yearly sales of over 100 million euros (US$131.5 million) and good growth potential in China.
"The fund can expand the investment channels of the CIC in leading European companies," said CIC Chairman Lou Jiwei in Brussels. "The investment fits the strategy of the CIC in finding opportunities to have long-term investments in leading companies in the European market."
CIC did not disclose the amount of the fund, but media reports said the target size of the fund will be 250 million euros. A Capital will manage the fund.
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