China's Citic Group to start private equity fund

The private equity firms rushing into China may soon have some homegrown competition. Citic Capital, the investing arm of Chinese financial conglomerate Citic Group, is reportedly in talks with the country's national pension fund about launching a yuan-denominated private equity fund, according to a Reuters report.

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China's National Social Security Fund would be the anchor investor for the new vehicle with an investment of at least 1 billion yuan ($146 million) in the new fund. Citic Group and China Citic Bank Corp. would also commit at least 1 billion yuan in the fund, along with capital from other China-based investors including major state-owned enterprises. - George White

See Reuters story

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