Starr International, controlled by former American International Group chairman Maurice Greenberg, will partner with CITIC Securities in a US$128.6 million private equity fund, Bloomberg reported. The fund will target Chinese companies planning to make initial public offerings. State media reported that it was unclear when the fund would begin operating. Greenberg has not invested in China since he was removed from his post at AIG in March 2005 during an investigation by New York authorities. The Wall Street Journal reported that CITIC, one of China's largest publicly traded brokerages, is transforming itself into a "first-class investment bank" by underwriting its first IPO in Hong Kong. It raised US$36.5 billion for Chinese companies last year.