China Everbright partners Suzhou-based investors to launch $1.42b FoF

Suzhou

China Everbright Limited, a subsidiary of state-owned China Everbright Group, announced that it has tied up with a slew of Suzhou-based financial groups to set up a 10 billion yuan ($1.42 billion) Yangtze River Delta-focused innovation fund.

The debut phase of the vehicle closed at 1.5 billion yuan ($212 million) raising capital from investors namely Everbright, Suzhou Wujiang Orient State-owned Capital Investment Management and Suzhou Qianrong Group, it said in the statement.

The agreement was forged at the China Wujiang Yangtze River Delta Area Collaboration Summit held in Shanghai in July 2019. 

Everbright’s FoF arm will manage the fund. Everbright claims that the fund will significantly contribute to the integration of the Yangtze River Delta, a national strategy initiated by the Chinese government in 2018 to bolster regional growth in the region.

The proceeds will be deployed into emerging industries in Wujiang district across innovation-oriented sectors including high-end equipment, new materials, energy, environment protection and biomedicine. Besides, the fund will also target investments in smart manufacturing, big data, cloud computing and artificial intelligence. 

Headquartered in Hong Kong, asset management giant Everbright has over 20 billion yuan ($2.8 billion) in FoF assets under management through its sub-funds. Everbright’s FoF primarily invests in funds focused on TMT (technology, media and telecom), healthcare, smart manufacturing, consumption, entertainment and new energy.

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.