China: CreditEase might invest part of $200m fund in KKR, Blackstone products

A clerk counts Chinese yuan and U.S. dollar banknotes at a branch of Bank of China in Taiyuan

CreditEase Group, which runs a wealth manager and peer-to-peer lender Yirendai Ltd., might invest in funds managed by  KKR & Co. and Blackstone Group LP.

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.

Also read:

Chinese lending platform Yirendai makes tepid US market debut

China Vanke group seals $1.9b property deal with Blackstone, chips in $583m

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.