China Everbright secures $143m for first close of new fund-of-funds

A worker pulls a cart under the Liede Bridge over the Pearl River in Guangzhou, China, on Wednesday, Nov. 1, 2017. Photographer: Qilai Shen/Bloomberg

Hong Kong-based financial services group China Everbright Limited has joined hands with an array of financial companies to launch a new fund for investments in Beijing’s Greater Bay Area.

The investment vehicle has reached its first close at 1 billion yuan ($143 million) and will operate as a fund of funds (FoF), investing in other funds as opposed to making direct investments, according to a statement on Wednesday.

A subsidiary of government-led investment platform Nansha Financial Holding; Guangzhou Science and Technology Achievement Industrialization Guidance Fund, which is funded by state-owned Guangzhou Finance Holdings; and Hong Kong-listed property developer Aoyuan have invested in the FoF.

The vehicle, which will be managed by the FoF team of China Everbright, will focus on next-generation IT, healthcare, consumption, media and entertainment, and advanced manufacturing sectors in China. It will back investments in Guangzhou city as well as the Greater Bay Area.

The Greater Bay Area, which includes Hong Kong, Macau and nine other cities in southern China, is a Chinese government initiative to foster growth in the world’s second-largest economy by developing technology and innovation, as well as increasing financial links among the cities.

CEL Fund-of-Funds, the FoF division of China Everbright Limited, currently has over 20 billion yuan ($2.87 billion) in assets under management (AUM) and a strong investment presence in eastern, southern and central China.

The FoF unit has served as a limited partner, or LP, to inject capital into some big-name investment companies such as Sequoia Capital China, Hillhouse Capital, Matrix Partners China, US-based Walden International, Lily Asia Ventures, Chinese private equity firm Boyu Capital, and Shenzhen-based venture capital company Fortune Capital.

Its investment sphere spans across TMT, healthcare, advanced manufacturing, new energy, consumption, media and entertainment, among others.

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.