Greenberg-Citic Securities PE venture scrapped

A lack of regulator support has ended plans by US insurance tycoon Maurice Greenberg to establish a private equity venture in China with Citic Securities, the Financial Times reported, citing sources familiar with the situation. The venture would have been the first PE venture established by a foreign investor and domestic brokerage firm, with an initial US$150 million in capital split evenly between the two sides. The China Securities Regulatory Commission authorized Citic Securities to establish its own PE venture, Citics Private Equity Funds Management, earlier this year.