UOB Venture Management sets up Sino-Singapore PE fund with PingAn, others

A unit of Singapore’s UOB Venture Management Monday said it had reached a deal with three Chinese companies to set up and manage a Sino-Singapore private equity fund.

This vehicle – Sino-Singapore (Chongqing) Connectivity Private Equity Fund – will have a target size of up to RMB100 billion and will invest primarily in Chongqing-based projects in specific industries.

UOB Venture management is a wholly owned subsidiary of Singapore’s UOB and it undertakes PE investments in Southeast Asia and China.

The partnership will see UOB Venture Management (Shanghai) Limited join three Chinese companies – Chongqing Yufu Asset Management Group Co. Ltd. (Yufu Group), a state-owned capital investment company focused on financial holdings; Ping An Insurance; and Tus-Holdings Co., Ltd., which operates and manages the Tsinghua University Science Park.

“The Fund will focus on financial services firms developing their Sino-Singapore capabilities, as well as aviation companies exploring travel between Chongqing and Singapore, and other Southeast Asian countries. The Fund will also invest in enterprises tapping on Sino- Singapore expertise and experience to enhance the transportation logistics and info-communications infrastructure in Chongqing and other parts of western China,” the companies said in a joint statement.

Seah Kian Wee, managing director of UOBVM (Shanghai), said: “The Fund will offer companies an alternative financing option to support their growth and to capture more opportunities as China and Singapore continue to deepen their collaboration in driving the Belt and Road initiative, and in developing the western Chinese provinces and cities.”

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