China’s CIC, BNP Paribas and Eurazeo announce first close of joint fund

Beijing, China. Source: Li Yang/Unsplash

BNP Paribas, China Investment Corp. (CIC) and Eurazeo have made the first close of a joint fund at 400 million euros (nearly $450 million).

The vehicle, called the France-China Cooperation Fund, was announced in 2019 with a target of 1.5 billion euros. Its first close was underwritten entirely by Eurazeo, CIC and BNP Paribas.

The fund will target investments in French and Continental European companies seeking growth opportunities in China, including advanced industrials, business services, consumer goods and services, healthcare and digital technology, the three companies said in a statement Tuesday.

In addition, the fund will seek investments with Eurazeo’s middle-market buyout strategies, including Eurazeo Capital and Eurazeo PME, the statement said.

Global investment company Eurazeo will manage the France-China Cooperation Fund. Eurazeo has a diversified portfolio of €18.8 billion in assets under management, including 12.5 billion euros from third parties, invested in over 430 companies, according to its website.

Sovereign wealth fund CIC will support the fund’s investee companies as they enter the China market, while French asset management company BNP Paribas will provide a range of contacts across France and the rest of Europe, the statement said.

CIC, BNP Paribas and Eurazeo may commit up to an additional 250 million euros to the fund, with a limit of CIC and BNP taking 25 per cent of the fund, the statement said. Third parties may also be tapped for capital.

CIC, which manages some of China’s foreign-exchange holdings, had gross assets of $940.8 billion in 2018, according to the 2018 annual report, the most recent available on its website.

The Chinese wealth fund has investments in 17 state-owned financial institutions, including China Construction Bank Corp and Agricultural Bank of China. Other CIC investments have included European logistics property player Logicor, ride-hailing companies Grab and Didi Chuxing and Alibaba.

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.