Printer Friendly

-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 - http://www.enpublishing.co.uk

Global Banking News - 14 December 2010(c)2005 - Electronic News Publishing - http://www.enpublishing.co.uk

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.

[Editorial queries for this story should be sent to gbn@enpublishing.co.uk]

((Distributed via M2 Communications - http://www.m2.com))

COPYRIGHT 2010 Normans Media Ltd.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2010 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Telecomworldwire
Date:Dec 14, 2010
Words:173
Previous Article:-Blackstone names head of Asian PE.
Next Article:-EON Bank raises MYR300m via bond issuance.
Topics:

Terms of use | Privacy policy | Copyright © 2019 Farlex, Inc. | Feedback | For webmasters