China’s CICC targets $3.3bn private equity fund for Qianhai region

0
92

China-based investment bank China International Capital Corporation (CICC) and Qianhai Financial Holdings have signed a memorandum of understanding to raise a new private equity fund with a RMB20bn ($3.3bn) target.

The CICC Qianhai Development Fund will focus on the Shenzhen economic district of Qianhai in the financial services, logistics, information and technology sectors.

The vehicle is anticipated to hit a first closing of RMB5bn in June of this year, AVCJ reported.

Qianhai has been designated as one of China’s special economic zones and has been earmarked as a testing ground for financial reforms to help attract foreign investment.

Established in 1995 as the first joint venture investment bank in China, CICC financial services including investment banking, capital markets, institutional and individual securities sales and trading, fixed income, asset management, private equity, individual wealth management and research.

Copyright © 2014 AltAssets