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CITIC Capital eyes private equity fund

(Agencies)
Updated: 2008-08-27 17:32

CITIC Capital, an investment arm of China's largest financial conglomerate CITIC Group, is in talks with the country's national pension fund to launch a yuan-denominated private equity fund, sources familiar with the situation said on Tuesday.

The National Social Security Fund (NSSF) is expected to invest at least 1 billion yuan ($146 million) in the new fund, said the sources, who declined to be identified.

CITIC Capital will manage the fund, which along with any investment by NSSF will be subject to government approvals, the sources said.

CITIC Group will also invest at least 1 billion yuan in the fund, which is raising additional money from other domestic investors including major state-owned enterprises, said the sources.

Officials at CITIC Capital declined to comment, while a representative for NSSF could not be immediately reached for comment.