China Everbright, a Hong Kong-based financial services company, has launched a private equity fund of funds with a RMB10 billion(€1.42 billion; $1.53 billion) capital raising target.
The capital raised via the RMB-denominated multi-strategy alternate investment fund will be deployed in real estate funds as well as all other types of private equity and infrastructure funds, including China Everbright’s own funds.
The firm told PERE that it may also seek to deploy the fund’s capital in secondary funds in the future.
The fund of funds, officially launched in December, has so far gathered RMB5 billion in committed capital, of which RMB3.75 billion has been raised from global institutional investors. The remainder has been invested by China Everbright.
“The successful establishment of the above fund has further diversified the product lines of CEL, enhancing the expansion of assets under management and the investment business and further enlarging the cross-border asset management platform of CEL,” the firm said in an official statement.
The firm did not comment on whether the capital will be deployed in both domestic and overseas markets. However, according to earlier news reports, overseas investments in real estate and infrastructure in markets such as Europe is likely to be part of the fund’s investment blueprint.
China Everbright’s fund management business has raised a total of 30 funds across different alternative investment classes, as of June this year. Everbright Ashmore Real Estate Investments, the firm’s Beijing-based real estate investment platform, has raised both US and RMB-denominated funds.
The 2010 vintage Fund I that attracted $153 million is in the exit phase and has so far exited from four out of a total of six investment projects. The second US dollar-denominated fund was launched in October 2013 with a $300 million fundraising target. The firm declined to comment on how much has been raised via the fund. The firm’s maiden RMB-denominated private equity real estate fund is focused on debt investments and currently manages assets valued at RMB 18.9 billion.
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