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January 13, 2010

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Carlyle to establish yuan fund in Beijing

CARLYLE Group is to establish a yuan-denominated fund with the Beijing government to tap into China's fast-growing economy.

The world's second-largest private equity firm yesterday signed a memorandum of understanding with the Beijing Municipal Bureau of Financial Work to set up a yuan-denominated fund in the capital.

The fund will raise yuan-denominated capital and make equity investments in larger growth companies in China. United States-based Carlyle did not disclose the size of the fund.

It will be entitled to preferential treatment from the Beijing government, in accordance with its development policies for the city's finance and equity investment industry.

"The Carlyle Asia Partners RMB Fund will help expand our investment capabilities in Beijing and across China, further Carlyle's strategy of localizing our franchise in China and contribute to the healthy development of the local private equity industry," said Daniel D'Aniello, founding partner and managing director of Carlyle Group.

China has become one of the most attractive investment destinations in the world for Carlyle because of its fast-growing economy. It has invested more than US$2.5 billion in China in more than 40 deals.

"We believe that with the help of the unique advantages Beijing enjoys as the capital city, the Carlyle Asia Partners RMB Fund and other local and international private equity funds will be able to achieve ideal development and play an active role in the steady and fast growth of Beijing's economy," said Huo Xuewen, head of the Beijing bureau.

US-based firm Blackstone Group announced plans to launch a 5 billion yuan (US$732 million) fund focusing on Shanghai-based investments in August last year.


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