US insurance group Prudential Financial (PRU.NYSE) will invest US$500 million in a private equity fund run by Fosun Group (0656.HK), the Financial Times reported. Fosun will contribute US$100 million to the fund, which will focus on buying Western brands to bring to the Chinese market. Fosun is expected to target faded luxury clothing and shoe and fashion brands with the intent of reviving them in China, but it is also considering investments in technology firms, producers of generic pharmaceuticals, metals and mining assets, and consumer products. The US dollar fund will be managed by Fosun separately from a US$100 million joint venture with US private equity firm the Carlyle Group.
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