Beijing-based China International Capital Corporation (CICC) has signed a memorandum of understanding with Qianhai Financial Holdings, a wholly-owned subsidiary of the Administrative Bureau of Qianhai Economic Zone in Shenzhen, to establish a joint development fund, according to an announcement.
The CICC Qianhai Development Fund will target to raise a total of RMB20 billion ($3.3 billion). It plans to complete first closing of RMB5 billion ($833 million) before June 30 this year.
The joint fund will focus on cross-border investment opportunities in the financial services, modern logistics, IT, technology and specialized services sectors.
CICC and Qianhai Financial Holdings will be responsible for fundraising, investments and portfolio company management.
The Industrial and Commercial Bank of China is to provide financial advisory and commercial banking support to the fund.