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-China Development Bank unit plans fund of funds.

Global Banking News-December 14, 2010--China Development Bank unit plans fund of funds(C)2010 ENPublishing -

Global Banking News - 14 December 2010(c)2005 - Electronic News Publishing -

China Development Banking Capital Company (CDBCC) - a unit of state-run China Development Bank Corporation (CDBC) - and Suzhou Ventures Group, are jointly launching China's first central government-initiated fund of funds, with the aim of raising CNY60bn (USD9bn), Dow Jones has reported citing Century Weekly magazine.

Without citing its source, the report said that the 12-year fund-of-funds will raise funds in phases with the aim of raising CNY15bn in the first round. The fund includes private equity and venture capital portions, and will invest in yuan-denominated funds in China.

China Development Banking Capital has committed to invest CNY5bn into the private equity portion of the fund, while Suzhou Industrial Park under the Suzhou municipal government will invest CNY3bn.

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Date:Dec 14, 2010
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