Former Goldman Sachs partner Fred Hu plans to launch a US$10 billion private equity (PE) fund, reported state media. After abandoning the pursuit of a top-level position in China’s central bank, Hu is now fundraising for his China-focused fund, attracting investors like national insurer Ping An Group to the fund, which will be entitled Chunhua. Singapore government-owned Temasek Holdings, China Construction Bank (601939.SH, 0939.HK) and even Goldman Sachs (GS.NYSE) itself may provide additional capital. During Hu’s 13 years with Goldman Sachs, he helped lead the bank’s US$3.78 billion investment in Industrial and Commercial Bank of China (601398.SH, 1398.HK). While Hu was also considered a candidate for deputy governor in charge of foreign exchange management at the People’s Bank of China, Du Jinfu, assistant governor of the PBoC, has already been picked as the favorite for the position.