Singapore’s Oversea-Chinese Banking Corp has reportedly launched a $100m private equity fund to target businesses in the country.
OCBC created the fund under the Shanghai Qualified Limited Partner programme according to the Singapore Business Times, which said the foreign commitments would be converted into renminbi and invested in China over five years.
It added that the move opens the way for OCBC raising its own onshore renminbi fund in the future, citing the bank’s head of mezzanine capital Than Su Ee.
Last March private equity firms were given the green light to hold fundraisings in Hong Kong for investments in mainland China after the Asian economic giant agreed to ease regulations.
The new rules cover firms operating in Shenzhen’s Qianhai enterprise zone.
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