CITIC Capital is in talks with the mainland’s pension fund to launch a yuan-denominated private equity fund, Reuters reported, citing sources briefed on the plan. The state-owned National Social Security Fund (NSSF) will invest at least US$146 million (RMB1 billion) into the fund. CITIC Group – CITIC Capital’s parent and China’s largest financial conglomerate – will invest also invest at least US$146 million into the fund. The new fund, to be managed by CITIC Capital, is currently raising additional money from other investors including major state-owned enterprises. The new yuan-fund will focus on industrial sectors and state-owned enterprises so Hong Kong-based CITIC Capital can benefit from its parent company’s close ties with the government.
You must log in to post a comment.
Yes, I would like to receive emails from China Economic Review. (You can unsubscribe anytime)
Copyright © 2018 SinoMedia Group Limited All rights reserved