China Development Bank Capital Corp., the fund management unit of the country’s biggest policy bank, said it raised 9 billion yuan ($1.4 billion) for a fund of private-equity funds.
The CDB Guochuang Kaiyuan Private Equity Fund of Funds plans to raise 10 billion yuan by the end of the year, according to an e-mailed statement from CDB Capital, a unit of China Development Bank Corp., which is one of the nation’s three state-owned banks that support government initiatives.
The fund is part of the Guochuang Fund of Funds, which, jointly created in December 2010 by CDB Capital and Suzhou Ventures Group, also has a fund of funds that invests in venture capitals, with an initial target of 5 billion yuan, according to the statement.
Guochuang Kaiyuan has already invested in some private- equity funds and is in talks with potential investors including China’s national pension fund, according to the statement.
--Zhang Dingmin. Editors: Tomoko Yamazaki, Linus Chua
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