Beijing-based private equity fund-of-funds firm China Grand Prosperity Investment has signed an agreement to manage a public private partnership (PPP) fund in Nanjing city, according to Chinese media reports.
Nanjing Jiangbei Development Fund is a fund-of-funds launched by the Jiangsu provincial government and a number of state-owned asset management firms.
With an initial committed capital of RMB2 billion (US$300 million), the vehicle aims to raise RMB20 billion (US$3 billion) in total from private financial institutions and private enterprises.
The Nanjing Jiangbei fund, like many other PPP funds being launched by all levels of government at the central, provincial and city level, will seek to combine policy guidance capital with market-oriented private capital to help improve the new industrial district's infrastructure and attra...
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