JPMorgan unit eyes M&As
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Shanghai Daily, June 24, 2011
A global private-equity investment unit of JPMorgan Chase & Co has agreed to invest US$200 million over the next two to three years in its tie-up with Beijing Capital Group to look for merger and acquisition opportunities.
The deal, signed between JPMorgan's One Equity Partner and Beijing Capital Venture Capital Co, a subsidiary under the state-owned group, will see JPMorgan invest US$30 million in the fund's portfolios while the remainder will target M&A opportunities in China.
Meanwhile, the Beijing Capital Group also set up its first joint venture fund, aiming to raise US$150 million.
Its foreign partners include fund of funds from regions such as Latin America, the Middle East and Hong Kong, according to a report by China Venture, a leading investment research institute.
The Beijing-registered fund has already submitted an application to the Beijing city government for its Qualified Foreign Limited Partners program.
The QFLP is a program that will allow overseas yuan-denominated PE funds to invest money raised abroad in China without requiring permission from the foreign exchange regulator.
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