The Beijing-based firm is raising a $200 million global private equity fund that allows people on the mainland to tap assets overseas, with investments starting from $150,000. The two private equity giants are already partners with CreditEase for the product, which has focuses on businesses such as consumer, telecom, healthcare and industrial.
Seungha Ku, head of global private equity at CreditEase, said that CreditEase might consider investing in KKR and Blackstone’s funds as part of broader pipeline, according to this report.
China’s homegrown funds have participated in about $16.4 billion of cross-border deals so far this year, exceeding the previous annual record of $11 billion in 2012, making this a period of unprecedented growth in the sector.
CreditEase’s wealth business had more than $6 billion of assets under management at the end of last year.
It has been managing two venture funds – a $30 million 2015-vintage Israeli Innovation Fund, which invests in startups in Israel and the US, and a $100 million fund with venture capital firm IDG Capital, which funds China-based companies focusing on the fintech sector.
CreditEase is also looking to invest in secondary transactions and co-investment deals. The firm is backed by Morgan Stanley’s Asia PE arm, IDG Capital and Kleiner Perkins Caufeld & Byers.