CICC, SIG to partner in PE venture

A senior executive at China International Capital Corp (CICC) said the investment bank will set up a private equity venture together with Shanghai International Group (SIG), Reuters reported. The venture, to be called Golden Partners Capital, will manage up to US$2.9 billion. Investments will be focused on financial institutions. The planned venture comes as Beijing encourages the development of new sources of capital: Many sectors continue to find banks unwilling to lend, and the market for initial public offerings remains weak. Golden Partners Capital will be headed by Bei Duogang, CICC’s head of investment banking.