CDC Commits To China, India Private Equity Funds

Jul 30 2008 | 11:06am ET

CDC Group has made new commitments totaling US$105 million to four private equity funds focused on China and US$185 million to six India-focused p.e. funds.

The U.K. government-backed fund of funds is committing US$30 million to Tripod Capital China Fund II, US$25 million to Qiming Venture Partners II, US$40 million to FountainVest China Growth Fund and US$10 million to Legend Capital IV.

Brian Lim, portfolio director at CDC Group, said investor confidence is growing in China and investment levels look set to rise during the rest of the year.

“Despite rapid economic growth in China, a third of the population continues to live below the poverty line,” he said. “Private equity investment has a significant role to play in creating a thriving private sector, creating sustainable employment and homes for China’s increasingly urban population.”

In India, CDC is committing US$50 million to Baring India Private Equity Fund III, US$50 million to New Silk Route Private Equity Asia Fund, US$25 million to India Value Fund III, US$20 million to BTS India Private Equity Fund, US$20 million to Avigo SME Fund II and US$20 million to VentureEast Proactive Fund.

“India is attracting increasing interest from international private equity houses – as seen by the scale of investment in 2007—with many of the domestic firms also raising larger funds,” said Anubha Shrivastava, portfolio director. “By investing in growth companies, CDC’s capital is able to support the growth of the private sector and foster the next generation of successful enterprise across India, creating jobs and improving the local economy.”

CDC currently manages £2.7 billion (US$5.3 billion) in total assets.

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