China Launches $3B PE Fund

China has unveiled a $3 billion private equity fund,Reutersreports, citingShanghai Securities News. The government-backed fund initially plans to raise $927.78 million, which will be contributed by four sponsors.

Among the sponsors,Ministry of FinanceandBOC International, have jointly offered $618.52 million. The fund, which plans to venture into cultural industries, such as media publishing and Internet entertainment, will invest inChina Publication GroupandXinhuanet.com.

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