China Development Bank has set up a new investment fund with a focus on private equity, according to reports. The state-owned bank announced on Tuesday the that it has recently set up a new fund with 35 billion yuan, equaling US$ 5.1 billion, in registered capital.
The fund is constructed to support government-backed mergers and acquisitions, and help develop infrastructure, energy and resources, and urban projects both domestic and overseas.
According to an announcement by China Development Bank, the CDB plans to further inject into non-financial stakes it is holding, such as with the China-Africa Development Fund as well as with several Chinese domestic private equity funds such as Aluminum Corporation of China and Jinchuan Group which is China’s largest nickel producer.
China Development Bank – 国家开发银行 – is a financial institution in the People’s Republic of China under the direct jurisdiction of the State Council. It is the only bank in China whose governor, currently Mr. Chen Yuan – 陈元 – is a full minister. Also, the CDB is one of the three main policy banks of the PRC. These banks are responsible for funding of large scale infrastructure projects, including the funding for the Three Gorges Dam, several major airports as well as a multitude of highways. China Development Bank was established in 1994 and is controlled by China’s Finance Ministry who holds 51% of stakes. CDB has been gradually transforming itself into a commercial bank from being a policy lender within the last years, mainly by the help of the China Investment Corporation, the manager of China’s sovereign wealth fund, who acquired a stake of almost 50% in CDB during 2007.
The CDB is well positioned and has the strong backup needed in terms of credit support, government resources, industry background, and network advantages as well as its strategic judgment on China’s future development to further improve China’s investments efficiency via its private equity fund that is supportive in China’s future development and strengthens China’s position both internationally and domestically.
Owning a 3% stake of Barclays PLC, the Chinese Development Bank is now also seen as an active force behind outbound Chinese overseas investments, and especially as a strong contributor to the China-Africa Development Fund.
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