Middle East asset manager Investcorp eyes up to $550 mln in first China yuan fund | Reuters
Bahrain-based alternative asset manager Investcorp is aiming to raise 2 billion to 4 billion yuan ($274 million-$548 million) for its first private equity fund in the Chinese currency, its executive said, to explore buyout opportunities in the country.
Investcorp plans to apply in the next few months for a license with Chinese regulatory bodies that will allow it to start raising funds from domestic institutions next year, Investcorp's co-chief executive officer Hazem Ben-Gacem said.
"I hope over time, we will be more than just a Middle East investor in China. I want us to be perceived also as a local Chinese investor," Ben-Gacem told Reuters, adding that the final fundraising size will depend on investor appetite and market conditions.
Abu Dhabi sovereign investor Mubadala holds a 20% stake in Investcorp.
Investcorp's China fundraising plan comes as business ties between the Middle East and the world's second-largest economy pick up amid the Gulf states' infrastructure, technology and financial push, and Sino-U.S. geopolitical tensions.
No comments:
Post a Comment