Singapore-based Oversea-Chinese Banking Corporation Limited (OCBC Bank) says that it has launched a US$100 million private equity fund in Shanghai, according to a company announcement.
The fund, named OCBC Capital (Shanghai) Equity Investment Fund, L.P., is set up under the Qualified Foreign Limited Partner (QFLP) program in Shanghai.
The fund allows OCBC Bank to convert up to US$100 million foreign capital into RMB to make direct investments into domestic Chinese companies.
The fund will invest in privately-owned enterprises in the growth stages with the intention of eventually listing these companies on the China’s A-shares market.
It will focus on sectors such as modern agriculture, consumer, healthcare, clean and environmental technology and advanced manufacturing.
To manage the fund, OCBC has established a fund manager, OCBC Capital (Shanghai) Equity Investment Management Co, in Shanghai.
OCBC Bank is the longest established Singapore bank and the second largest financial services group in Southeast Asia by assets, with a general focus on the agriculture, oil & gas, resources, consumer, manufacturing and real estate sectors.