China Development Bank, the state-owned lender that owns part of Barclays Bank, is set to launch the country’s first private equity fund of funds in a sign of how rapidly the Chinese private equity industry is maturing.
With direct approval from the State Council, China’s cabinet, the fund of funds is scheduled to raise a total of Rmb60bn ($9bn), providing a huge boost to the burgeoning domestic private equity sector.
Until now, an estimated $50bn has been raised in total by both international and local firms for private equity investments in China, with about $15bn of that raised in the first three quarters of this year.
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