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UOB sets up Sino-Singapore private equity fund with PingAn, Chinese partners
UOB Venture Management (Shanghai) on Monday said it has entered into a partnership with three Chinese companies to set up and manage a Sino-Singapore private equity fund, the Sino-Singapore (Chongqing) Connectivity Private Equity Fund. The fund will have a target size of up to 100 billion yuan (S$21 billion).
It signed an agreement with three firms: Chongqing Yufu Asset Management Group; Ping An Insurance; and Tus-Holdings, which operates and manages the Tsinghua University Science Park.
The fund will invest primarily in Chongqing-based projects in specific industries, focusing on financial services firms developing their Sino-Singapore capabilities, as well as aviation companies exploring travel between Chongqing and Singapore, and other South-east Asian countries.
It will also invest in enterprises tapping Sino-Singapore expertise and experience to enhance the transportation logistics and info-communications infrastructure in Chongqing and other parts of western China.