CLSA China JV aims to close $1.5 bln fund in Sept |
Date: Monday, June 7, 2010
Author: Reuters
Brokerage CLSA's
China asset
management joint venture plans to close a 10 billion yuan ($1.5
billion) new energy- and new materials-focused fund and begin
investing around September, the chairman of its local partner
said. "We haven't finished raising funds, so I
can't really say
yet, but I have full confidence," Shi Derong, chairman of
state-owned Shanghai Guosheng Group Co, said on Saturday when
asked about the progress of fund-raising efforts. The equally owned Shanghai-based venture,
Guosheng CLSA
(Shanghai) Industrial Investment Management Co Ltd, was
announced last August by the two companies and will manage the
fund, which will also invest in the wholesaling/retailing and
heavy machinery sectors. Private
equity firms Blackstone Group LP (BX.N)
and Hong
Kong-based First Eastern Investment Group also unveiled plans
last August for yuan-denominated funds, aiming to expand
investments in China. China has
pledged to develop yuan-denominated funds to
reduce companies' dependence on bank financing while aiming to
build Shanghai into an international financial hub by 2020.