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TEMASEK Holdings is ploughing US$1 billion (S$1.46 billion) into a new China-focused private-equity fund set up by Goldman Sachs' China partner Fang Fenglei, the Wall Street Journal reported on Wednesday.
Mr Fang - chairman of Goldman's Chinese securities joint venture - will set up a US$2 billion private-equity fund anchored by the Singapore sovereign wealth fund, the newspaper cited sources as saying.
The other US$1 billion will be funded by several smaller investors, the Journal reported, citing a person knowledgeable about the plan.
The report quoted another person as saying the fund will focus on buying stakes in state-owned Chinese companies. Temasek's board approved the funding last month, the person said, according to the Journal.
Officials at Temasek did not immediately respond to requests for comment.
Temasek's contribution will be staggered over a few years, the paper said, adding the new fund would be geared towards buying stakes in state-owned Chinese companies.
Temasek, which has a global portfolio of over US$100 billion, has in recent weeks offloaded some shares in Bank of China, China Construction Bank and shipper Cosco.
Analysts has said then that the moves - expected to net the firm around US$1.1 billion - suggested that Temasek was calling the top of the China stock boom and scouting for cheaper targets in the West.
It has bought stakes in banks and along with Singapore Airlines struck a deal for a combined 24 percent stake in China Eastern Airlines Cop., the country's third-biggest carrier. -- REUTERS, AFP
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