China’s CreditEase to raise $200mn private equity fund

Bloomberg reports that CreditEase Group, which runs a wealth manager and peer-to-peer lender Yirendai Ltd., is seeking to raise $200 million for a global private equity fund as Chinese individuals step up investing abroad. The fund allows people on the mainland to tap assets overseas, with investments starting from $150,000, according to Seungha Ku, head of offshore private equity at Beijing-based CreditEase. KKR & Co. and Blackstone Group LP are among the partners for the product, which focuses on consumer, telecommunications, media and technology, health care and industrial businesses in North America, western Europe and developed Asia, he said. Chinese remain eager to pour money into assets abroad ranging from property to insurance as the economy cools and expectations persist that the yuan will keep weakening.