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Partners set up fund with US$9.1b
By Zhang Fengming |
December 29, 2010, Wednesday
|
Print Edition
Print Edition
A China Development Bank affiliate yesterday launched a 60 billion yuan (US$9.1 billion) fund of funds with its partner to ride on the country's booming private equity and venture capital sector.
The yuan-denominated fund is the first of its 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 (SIP) in Jiangsu Province to establish the fund, which has a 12-year lifespan.
The fund has a first batch capital of 15 billion yuan, 10 billion yuan of which will be invested in private equities while the remaining 5 billion yuan will be injected in venture capital.
Of the 10-billion yuan PE investment, CDB Capital will invest 5 billion yuan. SIP will invest 3 billion yuan out of the 5 billion yuan alloted for the VC segment.
CDB Capital said earlier that it may bring in China's pension fund and insurers to join the fund at a later date.
The yuan-denominated fund is the first of its 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 (SIP) in Jiangsu Province to establish the fund, which has a 12-year lifespan.
The fund has a first batch capital of 15 billion yuan, 10 billion yuan of which will be invested in private equities while the remaining 5 billion yuan will be injected in venture capital.
Of the 10-billion yuan PE investment, CDB Capital will invest 5 billion yuan. SIP will invest 3 billion yuan out of the 5 billion yuan alloted for the VC segment.
CDB Capital said earlier that it may bring in China's pension fund and insurers to join the fund at a later date.
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