Guess who’s now dealing in yuan!
Blackstone, the US-based private equity firm, has just closed its first yuan-denominated fund, according to AltAssets. Commitments for the Shanghai Blackstone Equity Investment Partnership have come from ‘Chinese government entities, state-owned enterprises and large domestic corporations.’
It has a ¥5 bn target ($756 mn). 80 per cent of the capital is being sought in China, with only 20 per cent coming from outside the country. The new fund will focus on investments in the Pudong area, notes AltAssets, and other parts of Shanghai.
Blackstone isn’t the first US private equity firm to get a yuan-denominated fund off the ground. Texas Pacific Group has one in Shanghai that’s targeting $740 mn, and Carlyle is involved in a $100 mn fund that launched in February 2010.
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