Beijing-based private equity fund China Treasury Wharton Capital Management (CTWC) has partnered with government-backed public fund system China Social Welfare Foundation (CSWF) to develop an elderly care project, according to an announcement of CSWF.
The project, named Evergreen International Health Care City, will be managed by Evergreen Fund, a wholly-owned pension fund of CSWF.
It aims to establish care facilities for retired seniors in hospitals, libraries, and healthcare centers in China.
Jiangjin District, a remote area in the city of Chongqing, was chosen as the first location to develop these facilities.
CTWC will be responsible for fundraising for the project.
This is the first time that a private equity firm has been allowed to participate in a Chinese pension fund’s project.
Founded in 1980, CSFW is a registered company under the State Administration of Industry & Commerce in China.