China Everbright Raises $264M For New PE Fund

Aug 18 2016 | 8:57pm ET

Chinese investment manager China Everbright has completed the first closing of a new fund with total capital commitments of around $264 million. 

The new fund, named CEL Global Investment Fund, L.P. held the first close in the second quarter of 2016, according to a statement. CEL Global Investment GP Limited and CEL Global Management Company Limited, each an indirect wholly owned subsidiary of CEL, serve as the general partner and the investment manager of the fund, respectively. 

The new fund will invest in equities and equity-linked securities of North American companies, CEL said. Targets will generally have proven operational track records, sound business models and strong growth or growth potential in Chinese markets. The fund expects to focus on industries which are important to the economic transformation and sustainable development of China, including manufacturing, transportation, agriculture, consumer products, clean energy, environmental and resources management, technology, media and telecommunications, wealth protection and healthcare. 

"In recent years CEL has pursued an active overseas growth strategy and has focused in particular on international restructuring opportunities by implementing international asset allocations,” said Chen Shuang, executive director and chief executive officer of CEL, in the statement.

“The fund will continue to take advantage of these opportunities in the global markets, particularly in developed markets in Europe and North America, [and] plans to connect these portfolio companies with strong market demands in the Greater China region arising from industrial upgrade and market specialization,” he added.

At the end of last year, CEL managed 31 funds with AUM of more than $6.3 billion. China Everbright is the largest overseas financial platform of China Everbright Group, a state-owned financial conglomerate with AUM of approximately $452 billion as of the end of 2015. 

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