China's GF Xinde Investment sets up RMB fund to invest $450m in new energy sector

Photo by Andres Siimon on Unsplash

GF Xinde Investment, the wholly-owned private equity (PE) investment unit of Chinese investment bank GF Securities, has set up a new RMB-denominated fund to invest 3 billion yuan (almost $450 million) in the new energy industry.

The new fund, which recently completed its registration with the Asset Management Association of China (AMAC), counts the country’s publicly-listed water supply business Zhongshan Public Utilities Group as a key investor, GF Xinde announced in a post on its WeChat official account on Friday.

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