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China’s CICC, SIG in $2.9 bln private equity venture

  China International Capital Corp (CICC), the country’s biggest investment bank, and government-owned Shanghai International Group (SIG) are setting up a private equity venture that will manage up to ¥20 billion ($2.9 billion), a senior CICC executive said on Wednesday.

The new venture, to be named Golden Partners Capital, is aiming to raise ¥8 billion for its first fund, Bei Duoguang, CICC’s investment banking head told Reuters.

CICC, partly owned by Morgan Stanley and financial conglomerate SIG, will each own half of the new venture, which will mainly invest in financial firms such as fund management companies, brokerages and banks, Bei said. Bei will become president of the venture. (Reuters)