Companies

Carlyle to set up PE joint venture in Beijing

(Agencies)
Updated: 2010-07-30 15:17
Large Medium Small

SHANGHAI - US private equity giant the Carlyle Group said on Friday it had received 2.4 billion yuan ($354 million) in commitments for its Beijing-based yuan-denominated fund, and would begin making investments in large growth companies.

Carlyle has set up a joint venture with Beijing State-owned Capital Operation and Management Center, the city's biggest government-owned company, to help manage the Beijing RMB Fund, which aims to raise 5 billion yuan ($739 million), according to a statement.

"Carlyle is committed to long-term, responsible and value-creating investment in China," David Rubenstein, co-founder and managing director of Carlyle said in the statement.

Related readings:
Carlyle to set up PE joint venture in Beijing Carlyle to partner with Fosun Group
Carlyle to set up PE joint venture in Beijing Carlyle launches yuan-denominated fund with Beijing
Carlyle to set up PE joint venture in Beijing Carlyle buys minority stake in China dairy maker Yashili
Carlyle to set up PE joint venture in Beijing Carlyle invests $20m in Chinese fashion brand Ellassay

"Through this RMB fund, we will expand our investment capabilities and efforts in Beijing and across China to serve the growing number of Chinese investors."

Global buyout firms such as Carlyle and the Blackstone Group are racing to launch yuan-based funds in an effort to carry out deals more quickly and easily in China, where it is difficult to obtain approval for major foreign investments.

The Carlyle Beijing RMB Fund is now ready to invest, mainly in large-scale companies with high growth prospects, the company said, without identifying the industries it prefers.