Prudential and Fosun seal PE fund tieup

08:47, January 14, 2011      

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Prudential Financial Inc and Shanghai-based Fosun Group have agreed to invest US$600 million to set up a private equity fund.

Prudential will invest US$500 million in the fund as a limited partner while Fosun will inject US$100 million as a general partner and manage the fund, the two companies said in a joint statement yesterday.

"The cooperation is based on optimism over economic prospects for China as well as the common investment philosophy between Prudential Financial and Fosun," said Mark Grier, vice chairman of Prudential.

"We trust Fosun's investment ability, industrial base and understanding of local markets. As one of our most important strategic partners, Fosun will play a key role in Prudential's China strategy and business development in the future," he said.

Fosun, a private conglomerate, has already formed a partnership with global buyout firm Carlyle Group.

Global financial institutions, including Carlyle, TPG and the Blackstone Group, are forming tieups with Chinese local governments and firms to tap demand for PE.

Source: Shanghai Daily
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