OCBC launches US$100m China PE fund
This potentially allows bank to raise onshore RMB capital
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OVERSEA-Chinese Banking Corp (OCBC) has set up a qualified private equity fund to invest in onshore China companies, potentially allowing the bank to raise an onshore renminbi fund.
The US$100 million fund was created under the Shanghai Qualified Foreign Limited Partner (QFLP) programme, which allows the fund to convert up to US$100 million of foreign currency into renminbi and invest that renminbi onshore in domestic Chinese companies over the next five years.
To manage the fund, OCBC has established a fund manager, OCBC Capital (Shanghai) Equity Investment Management Co, in Shanghai.
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