CHINA/HONG KONG - A newly-established private equity fund focused on investing in private enterprises in China has attracted US$400m in assets from Canada Pension Plan Investment Board (CPPIB) and Teachers' Private Capital (TPC).
The FountainVest fund will focus on investment opportunities in private enterprises that can benefit from both earnings growth and expansion.
Mark Wiseman, senior vice-president for private investments at CPPIB, said: "We are pleased to be partnering with one of the top fund managers in China, which is itself a rapidly evolving market for private equity.
"This investment, which is one of our largest in the region, will provide enhanced access to investment opportunities in mainland China through an aligned and well-positioned partner."
Erol Uzumeri, senior vice-president of TPC, said: "This new fund combines a proven local management team with dedicated capital to take advantage of the large market and growth potential in China.
"We've been an investor in Asia since 1994 and continue to look for opportunities to back the best local teams to help us invest in the region."
The investment came CPPIB opened an office in Hong Kong to focus on investment opportunities in Asia. It is the first international office for the organisation.
The team in Hong Kong will source private equity and real estate investment opportunities - initially in North Asia, including the China, Hong Kong, Japan, South Korea and Taiwan markets.
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