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CIC and Belgian PE fund to help EU companies expand in China

May. 4, 2012 (China Knowledge) - China Investment Corp (CIC), the nation's sovereign wealth fund, is launching a fund with the Belgium's federal investment and participation group (SFPI/FPIM) and A Capital, a private equity group, to help midsize European companies seeking market opportunities in China.

The first round of fundraising completed in Brussels on Wednesday in a ceremony attended by China's Vice Premier Li Keqiang, CIC Chairman Lou Jiwei and Elio di Rupo, the Belgian Prime Minister, sources reported.

Andre Loesekrug-Petri, chairman of A Capital, said the target size of the fund will be EUR 250 million and could be double to EUR 500 million eventually. But he declined to disclose the investment amount of CIC and the Belgians.

The fund will invest each time between EUR 30 million and EUR 50 million with European companies in the automotive, environmental protection and branded consumer goods that plan to expand into China.

CIC, which has yet released its fiscal reports for last year, earned US$51.56 billion in net profit in 2010 with a global portfolio return of 11.7%. In 2010, the sovereign wealth fund increased investments in private equity, real estate and infrastructure construction.

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