Fosun International, China’s largest private conglomerate by revenue, is seeking investment partners as it prepares to set up a $1bn fund to scour the globe for bargains in an effort to scale up its investment overseas.
The Shanghai-based group wants to take advantage of the eurozone crisis and the weakness of the US economy, and has approached sovereign wealth funds among others to be its partner as it hunts for deals in the consumer, financial services, green energy and healthcare sectors.
Liang Xinjun, chief executive, told the Financial Times that he and John Snow, former US Treasury secretary and adviser to the Fosun board, this month met Middle Eastern sovereign wealth funds in Dubai, Abu Dhabi and Doha. Mr Liang said the funds had expressed interest, but declined to give any detail.