Bocom International is seeking to raise as much as $500 million in its first private-equity fund focusing on Hong Kong and China.
The fund will seek to raise between $300 million and $500 million, and the first round of fund-raising was completed this month, a Bloomberg report stated.
The information was according to an e-mailed statement issued by Bocom International, the investment bank unit of Bank of Communications Co.
Bocom International aims to make initial investments of between $10 million and $50 million in each project, it said.
Bocom’s plan comes after Citic Capital Holdings Ltd., 40 percent owned by China’s sovereign wealth fund, said this week it raised $925 million in its second China buyout fund focusing on consumer and manufacturing industries.
The Chinese government is building its own private-equity industry, and China-focused funds have acquired stakes in companies ranging from a crane maker to a milk supplier and real estate.
View full report in Bloomberg.
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