Carlyle fund ready to invest
By Winny Wang |
July 31, 2010, Saturday
|
Print Edition
Print Edition
GLOBAL asset manager Carlyle Group has received more than 2.4 billion yuan (US$354 million) in commitments for its Beijing-based yuan fund and has set up an investment management venture to serve as an advisor to the fund to tap growth opportunities in China.
The fund, with a target size of 5 billion yuan, is ready to make investments in large growth companies in China, the asset manager said yesterday.
Carlyle raised 2.4 billion yuan in commitments in its first closing of the fund from a variety of sources, such as Beijing State-owned Capital Operation and Management Center, Beijing Equity Investment Development Fund, large state-owned enterprises, private companies and individuals.
"We believe the fund will fully leverage its first-mover advantage through partnerships with top Chinese organizations and investors to capture growth opportunities in China," said Yang Xiangdong, Carlyle's managing director and co-head of Carlyle Asia Partners.
The United States-based group has also set up an investment management joint venture -- Carlyle (Beijing) Investment Management Co -- with Beijing State-owned Capital Operation and Management Center, the largest SOE in Beijing.
Carlyle holds an 80 percent stake in the joint venture, which will serve as an advisor to the yuan fund, and the two sides will work together to identify opportunities and share each other's best practices and resources.
"By working with global firms such as Carlyle, we will leverage private-equity investments to grow local enterprises and structurally transform the local industries. We also view this as an important step to solidify the foundation for rapid and healthy development of the private-equity industry and the broader financial industry in Beijing," Beijing Vice Mayor Ji Lin said.
Carlyle has so far invested more than US$3 billion in China through more than 50 deals. It now operates two yuan funds in China after gaining approval in March to form a US$100 million fund with China's largest private conglomerate, Fosun Group in Shanghai.
The fund, with a target size of 5 billion yuan, is ready to make investments in large growth companies in China, the asset manager said yesterday.
Carlyle raised 2.4 billion yuan in commitments in its first closing of the fund from a variety of sources, such as Beijing State-owned Capital Operation and Management Center, Beijing Equity Investment Development Fund, large state-owned enterprises, private companies and individuals.
"We believe the fund will fully leverage its first-mover advantage through partnerships with top Chinese organizations and investors to capture growth opportunities in China," said Yang Xiangdong, Carlyle's managing director and co-head of Carlyle Asia Partners.
The United States-based group has also set up an investment management joint venture -- Carlyle (Beijing) Investment Management Co -- with Beijing State-owned Capital Operation and Management Center, the largest SOE in Beijing.
Carlyle holds an 80 percent stake in the joint venture, which will serve as an advisor to the yuan fund, and the two sides will work together to identify opportunities and share each other's best practices and resources.
"By working with global firms such as Carlyle, we will leverage private-equity investments to grow local enterprises and structurally transform the local industries. We also view this as an important step to solidify the foundation for rapid and healthy development of the private-equity industry and the broader financial industry in Beijing," Beijing Vice Mayor Ji Lin said.
Carlyle has so far invested more than US$3 billion in China through more than 50 deals. It now operates two yuan funds in China after gaining approval in March to form a US$100 million fund with China's largest private conglomerate, Fosun Group in Shanghai.
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