Wall Street Journal 20 May 2013
SHANGHAI — Chinese conglomerate Fosun International Ltd. 0656.HK -2.04% is raising a $1 billion private-equity fund that will invest in Europe and international companies seeking to expand in China, according to a person familiar with the situation.
Fosun will have the first close of the China Momentum Fund next month, by which time it would have raised $300 million, the person said Sunday. A fund can start making investments after the first close, and the latest fund, Fosun’s second dollar-denominated fund, will be given priority over its other funds.
The company has a U.S. dollar fund with U.S. insurer Prudential Financial Inc., PRU -1.35% although that is already 80% invested. That fund is worth $600 million, and focuses on overseas investments like the current U.S. dollar fund that Fosun is raising. But Prudential will be an investor in the China Momentum Fund, the person said. Prudential declined to comment.
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Fosun Eyes $1 Billion Private-Equity Fund
