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CDB Capital launches US$9 billion fund
By Zhang Fengming |
December 28, 2010, Tuesday
|
Online Edition
Online Edition
A China Development Bank affiliate today launch a 60-billion-yuan (US$9.1 billion) fund of funds with its partner to ride on China's booming private equity and venture capital sector.
The yuan-denominated fund is the first of this kind set up by a State-owned entity.
A fund of funds is an investment strategy of holding a portfolio of other investment funds rather than investing directly in shares, bonds or other securities.
CDB Capital, the wholly-owned subsidiary of China Development Bank, has teamed up with Suzhou Industrial Park to run the fund, which has a 12-year lifespan.
The fund has an initial capital of 15 billion yuan, 10 billion yuan of which will be invested in private equities while the remaining 5 billion yuan will be made in venture capitals.
Among the 10 billion yuan PE investment, CDB Capital will supply 5 billion yuan. While in the 5 billion yuan VC segment, Suzhou Industrial Park will take 3 billion yuan.
CDB Capital said earlier that it was in the process of bringing China's pension funds and insurers to join the fund.
Founded in August 2009, CDB is the only Chinese financial company that has a license to market equity investment in yuan. CDB Capital has a registered capital of 35 billion yuan.
Private equity and venture capital are fledging in China on the country's rising economy and thriving private business.
The yuan-denominated fund is the first of this kind set up by a State-owned entity.
A fund of funds is an investment strategy of holding a portfolio of other investment funds rather than investing directly in shares, bonds or other securities.
CDB Capital, the wholly-owned subsidiary of China Development Bank, has teamed up with Suzhou Industrial Park to run the fund, which has a 12-year lifespan.
The fund has an initial capital of 15 billion yuan, 10 billion yuan of which will be invested in private equities while the remaining 5 billion yuan will be made in venture capitals.
Among the 10 billion yuan PE investment, CDB Capital will supply 5 billion yuan. While in the 5 billion yuan VC segment, Suzhou Industrial Park will take 3 billion yuan.
CDB Capital said earlier that it was in the process of bringing China's pension funds and insurers to join the fund.
Founded in August 2009, CDB is the only Chinese financial company that has a license to market equity investment in yuan. CDB Capital has a registered capital of 35 billion yuan.
Private equity and venture capital are fledging in China on the country's rising economy and thriving private business.
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