Fang Fenglei, the chairman of Goldman Sachs's Chinese securities business who scaled back his involvement two months ago to pursue other opportunities, has secured his first private equity deal. Fang brokered an investment by Beijing Enterprises Holdings, a Hong Kong-listed investment agency run by the Beijing government, in Shenwu Thermal Energy, the Financial Times reported, citing people familiar with the deal. He is said to have fought off competition from around 10 other private equity funds. Fang recently set up his own private equity fund and Beijing Enterprises is a potential contributor alongside Singapore state investment firm Temasek, which has already pledged US$1 billion. Goldman may also invest in the fund, which has a fundraising target of US$2 billion and is likely to be based offshore and foreign currency-denominated. Fang has already won approval for a US$1.35 billion renminbi-denominated domestic fund.
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