Chinese investment group Fosun International is nearing a first close for a $1bn private equity fund focused on Europe and overseas companies seeking to build a presence in China, according to the Wall Street Journal.
The China Momentum Fund is anticipating a $300m interim closing in June, it said.
The fund is expected to have ten LPs, mainly comprising high net worth individuals and institutions from Canada, the Middle East, South East Asia, Taiwan and the US.
One of the LPs is reported as being US insurance giant Prudential Financial, which previously partnered with Fosun for a $600m fund in 2011.
Founded in 1992, Fosun was founded in 1992 and listed on the main board of the Hong Kong Stock Exchange in 2007. The group focuses on sectors that would “significantly benefit from the growth in domestic demand of China”, including consumption and consumption upgrade, financial services, resources and energy and manufacturing upgrade
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