First Non-Government Run Private Equity FoFs Opens In China
Date: December 10, 2009
Private equity fund of funds manager Adveq Holding has teamed up with Chinese investment holding company Dalian United to form a new investment firm in China. According to both companies, the new firm will be the first non-government private equity fund of funds in China.
The new entity, in which both Adveq and United will hold a 50%-stake each, will be incorporated under the laws of the People’s Republic of China. Initially, the new firm focus will be the formation of RMB denominated private equity fund of funds and related service activities in China.
“Looking at the Chinese market, we see tremendous opportunities to develop our activities within the scope of RMB denominated private investing. With Adveq, we are happy to have gained a partner with significant global experience in this business,” said Zhenxin Zhang, chairman of Dalian United.
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Source: FINalternatives
