China Private Equity Fund Garners US$8 Billion

Aug 26 2014 | 8:40am ET

The former chairman of China’s largest private bank has raised more than US$8 billion for a private equity fund, instantly making it one of the country’s largest.

Dong Wenbiao’s China Minsheng Investment Corp. launched in Shanghai last week with 50 billion yuan (US$8.1 billion), The Wall Street Journal reports. That’s larger than any of the Asia-focused p.e. funds raised by industry giants Kohlberg Kravis Roberts, CVC Capital or TPG Capital recently.

While most of Minsheng Investment’s assets will be deployed to private-equity investments, some will be used to found a real-estate development company and a Hong Kong investment bank.

Dong was chairman of China Minsheng Banking Corp. until his resignation just days before Minsheng Investments’ launch. Despite the similarity in name, and Dong’s hire of several Minsheng Banking veterans, the two firms are not legally related.

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