A former managing director at US hedge fund Och Ziff Capital Management Group is seeking to raise US$500 million for a private equity fund targeting China, the Wall Street Journal reported. Frank Yu, 39 years old, worked at Goldman Sachs, where he focused on packaging Chinese banks for foreign investors and overseas listings. His new firm is called Themes Investment Partners. The company has completed its first round of fund-raising and is looking for deals. The announcement came shortly after Carlyle Group last Wednesday announced plans to cooperate with Chinese conglomerate Fosun Group to create a US$100 million fund. State-owned Bank of Communications’ Hong Kong investment arm also plans to create a China fund.
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