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Carlyle, Beijing set up yuan-based investment fund
Washington (AFP) Jan 12, 2010 US investment giant Carlyle forged a deal Tuesday with Beijing for establishing a Chinese currency-denominated fund that will invest in companies in the world's most populous nation. Carlyle Asia Partners, a regional unit of the world's second-largest private-equity firm, signed a memorandum of understanding with the Beijing Municipal Bureau of Financial Work for the yuan or renminbi-denominated fund, a company statement said. The value of the fund was not revealed. The Carlyle Asia Partners RMB Fund, to be registered in Beijing, "will be entitled to preferential treatment from the Beijing municipal government," it said. The municipal government "will provide full support to the RMB Fund," which once established "will invest alongside Carlyle Asia Partners and pursue independent investments in larger growth companies," the statement said. The fund "will help expand our investment capabilities in Beijing and across China, further Carlyle's strategy of localizing our franchise in China and contribute to the healthy development of the local private equity industry," said Daniel D'Aniello, the Carlyle group's managing director. Huo Xuewen, head of the Beijing Municipal Bureau of Financial Work, said that the fund could capitalize on the "unique advantages" Beijing enjoyed as the capital city. Carlyle has invested more than 2.5 billion dollars in China in more than 40 deals.
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