CSFB in private equity JV

With Asia "particularly China" becoming a hot destination for private equity firms, Credit Suisse First Boston is the latest to announce its first private equity Chinese joint venture, whose partner is a group led by Mark Qiu, former finance chief of Chinese state-run oil company Cnooc Ltd, the Wall Street Journal reported. The venture, China Renaissance Capital Investment Inc, with CSFB's global private-equity arm as lead investor while leveraging the operating and financial expertise in Qiu's group, aims to invest up to US$1bn in Chinese companies over the next five years. Qiu said the new venture would seek to turn Chinese companies into global leaders by introducing financial management, internal controls, long-term business strategy and corporate governance with the backing of Credit Suisse First Boston Alternative Capital, which has more than US$20bn in assets under management. Terms of the JV were not reported.