Morgan Stanley to launch yuan-based PE fund

HANGZHOU - Morgan Stanley aims to raise 1.5 billion yuan ($230 million) in its first yuan-denominated private equity fund in China.

The move will see the financial services company joining rivals such as the Carlyle Group and Blackstone Group in the hunt for a piece of the booming market.

The yuan-denominated fund, to be launched through Morgan Stanley's newly established Chinese yuan private equity unit, will focus on assets in the affluent province of Zhejiang, according to Morgan Stanley.