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China Everbright sets up investment fund

China Everbright Ltd. has established an investment fund with a target size of 5.10 billion yuan.

The group will contribute 2.60 billion into the fund through two wholly owned limited partnerships controlled by the company, according to an Aug. 8 release.

Hunan CEL Jiayuan Investment Management Partnership will act as general partner and will contribute 100 million yuan, while Hunan CEL Xingsheng Equity Investment Partnership will act as limited partner with a contribution of 2.50 billion yuan. Another limited partner will contribute 2.50 billion yuan.

The fund will focus on equity or quasi-equity investment in sub-funds and entities in emerging industries. Its term will be for eight years from the date of the initial closing and may be extended by up to two consecutive years.

As of Aug. 8, US$1 was equivalent to 6.84 Chinese yuan.