Financial industry fund starts with bang
By Zhang Fengming |
June 28, 2010, Monday
|
Print Edition
Print Edition
INSTITUTIONAL investors cheer China's first financial industry fund which attracted a higher amount of money than expected in its first fund-raising exercise.
The fund attracted more than 11 billion yuan (US$1.6 billion), higher than its planned 8 billion yuan, participants at the Lujiazui Forum were told over the weekend in Shanghai.
The sole financial industry fund among China's 10 industry funds approved by the State Council is expected to have a total size of 20 billion yuan in the long run. GP Capital Co Ltd, operator of the fund, started to raise funds in January.
"We hope the fund can set an example for the professional and regulated running of private equity in China," said Xu Lin, director of the finance department of the National Development and Reform Commission, in Shanghai on Saturday.
The industry fund is China's official private equity fund allowed by the State Council.
GP Capital was launched in Shanghai in July 2009 by Shanghai International Group, the investment arm of the city's government, and China International Capital Corp, one of the country's most prominent investment banks. The two parties own 50 percent each of GP Capital which has a registered capital of 200 million yuan.
Bei Duoguang, managing director of China International Capital, and also president of GP Capital, said earlier that GP Capital targets nationwide financial institutions, including insurers, banks, fund management companies, brokerages and trust firms, as investment opportunities.
"We also hope it will contribute to the rise of Shanghai as a global financial hub," Xu said.
Shanghai is pulling out all the stops to attract more private equity or venture capital firms to the city. It is already home to the lion's share of overseas banks based in China.
The fund attracted more than 11 billion yuan (US$1.6 billion), higher than its planned 8 billion yuan, participants at the Lujiazui Forum were told over the weekend in Shanghai.
The sole financial industry fund among China's 10 industry funds approved by the State Council is expected to have a total size of 20 billion yuan in the long run. GP Capital Co Ltd, operator of the fund, started to raise funds in January.
"We hope the fund can set an example for the professional and regulated running of private equity in China," said Xu Lin, director of the finance department of the National Development and Reform Commission, in Shanghai on Saturday.
The industry fund is China's official private equity fund allowed by the State Council.
GP Capital was launched in Shanghai in July 2009 by Shanghai International Group, the investment arm of the city's government, and China International Capital Corp, one of the country's most prominent investment banks. The two parties own 50 percent each of GP Capital which has a registered capital of 200 million yuan.
Bei Duoguang, managing director of China International Capital, and also president of GP Capital, said earlier that GP Capital targets nationwide financial institutions, including insurers, banks, fund management companies, brokerages and trust firms, as investment opportunities.
"We also hope it will contribute to the rise of Shanghai as a global financial hub," Xu said.
Shanghai is pulling out all the stops to attract more private equity or venture capital firms to the city. It is already home to the lion's share of overseas banks based in China.
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