Ex-UBS Banker Starts $100 Million Fund for Share-Backed Loans
- Funding has dried up in China amid crackdown on risky lending
- Borrowers willing to pay 10%-15% interest a year, Lam says
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Former Citigroup Inc. and UBS Group AG private banker Ching Ching Lam has raised more than $100 million for a new Asia fund offering share-backed loans as China’s crackdown on risky lending forces firms to seek new sources of financing.
Having initially used her own money to lend to small companies in Asia, Lam’s Charismatic Capital has this year seen shareholders of larger firms, occasionally some with a market value of $5 billion to $15 billion -- including Chinese developers -- knock on her door as funding avenues on the mainland dry up.