Citadel Completes China Fundraise

May 21 2014 | 12:20pm ET

Citadel Investment Group, one of the first six foreign hedge funds permitted to raise money in mainland China, has become the very first win final approval from Chinese regulators.

Citadel (Shanghai) Foreign Investment got its currency-exchange sign-off on March 26 after completing its fundraise, Shanghai authorities said. The Chicago-based firm, like the others to win the first qualified domestic limited partner licenses, had a US$50 million quota.

Such a license allows foreign firms, for the first time, to raise money in yuan from China’s richest citizens. The pilot program will eventually encompass US$5 billion in quotas.

In addition to Citadel, Canyon Partners, Man Group, Och-Ziff Asset Management, Oaktree Capital Management and Winton Capital Management have been awarded licenses.

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