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Morgan Stanley launches yuan fund in Hangzhou
By Lydia Chen |
May 18, 2011, Wednesday
|
Online Edition
Online Edition
CHINA'S vast market has drawn another world investment giant to the country's burgeoning private equity sector as Morgan Stanley today launched its first yuan-denominated fund in Hangzhou.
The world's leading buyout firm is the second to set up its yuan-denominated fund after Goldman Sachs Group Inc which launched a similar fund with its government-backed Chinese partner last week to raise 5 billion yuan for projects of state-owned enterprises and emerging industries.
The fund run by Morgan Stanley and Hangzhou Industrial & Commercial Trust Co plans to raise 1.5 billion yuan in the initial stage.
Morgan Stanley, which has substantial private equity investments in China ranging from investments in Ping An Insurance Co, diary giant Mengniu to shoe seller Belle International, is also close to ink its deal with China Fortune Securities to set up a brokerage joint venture.
The investment giant bought a 19.9 percent stake of the Hangzhou trust in 2008.
The world's leading buyout firm is the second to set up its yuan-denominated fund after Goldman Sachs Group Inc which launched a similar fund with its government-backed Chinese partner last week to raise 5 billion yuan for projects of state-owned enterprises and emerging industries.
The fund run by Morgan Stanley and Hangzhou Industrial & Commercial Trust Co plans to raise 1.5 billion yuan in the initial stage.
Morgan Stanley, which has substantial private equity investments in China ranging from investments in Ping An Insurance Co, diary giant Mengniu to shoe seller Belle International, is also close to ink its deal with China Fortune Securities to set up a brokerage joint venture.
The investment giant bought a 19.9 percent stake of the Hangzhou trust in 2008.
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