Beijing’s municipal government has agreed to set up China’s first local currency fund for outbound investments with A Capital Asia, a European-owned private equity firm, in an attempt to support Chinese companies’ overseas expansion.
Under the agreement to be announced today, the fund aims to raise Rmb3bn ($456m) and partner with Chinese companies investing in technology, distribution channels and brands, especially in Europe.
The deal is one of several such tie-ups as foreign private equity groups seek to tap into the fast-growing Chinese market.
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