OCBC unveils PE fund under program
Print Edition
Oversea-Chinese Banking Corp launched its first private equity fund in Shanghai yesterday, which allows foreign captial to be invested in companies on China’s mainland.
The US$100 million OCBC Capital fund is the second China-incorporated entity of the Singapore-based banking group, which can directly convert up to US$100 million worth of foreign currencies into yuan without administrative approval.
China is expected to become the biggest PE market in Asia, said OCBC, the second-biggest lender in Southeast Asia.
The setup of such funds is part of the Chinese government’s efforts to make the yuan more international through a pilot program called Qualified Foreign Limited Partner, which aims to boost the foreign investment on China's mainland.
The QFLP launched in Shanghai removes foreign exchange conversion quota faced by foreign investors when they enter the PE sector on the mainland.
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