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China's NSSF plans to invest RMB 10 bln in 3 PE funds

Jun. 11, 2009 (China Knowledge) - China's National Social Security Fund (NSSF), the country's national pension fund, plans to invest RMB 10 billion in three private equity funds this year, said Dai Xianglong, chairman of the National Council for the Social Security Fund, at a forum in Tianjin on Wednesday.

However, Dai did not specify whether the funds are denominated in Chinese currency or in foreign currencies.

Last year, the Chinese government allowed the NSSF to invest up to 10% of its assets, or about US$7.5 billion, in domestic private-equity funds.

Last June, the pension fund invested RMB 2 billion in each of two RMB-denominated PE funds, CDH Investments and Hony Capital.

The fund, whose assets increased nearly 30% to RMB 562.5 billion in 2008, has indicated that it will cooperate with more domestic equity funds.

The NSSF asked for approval from the State Council to invest billions of dollars in overseas private equity funds this year to diversify the pension fund's investments, according to an earlier report from China Knowledge.

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