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Warburg Pincus to acquire 49% stake in Chinese mutual fund

U.S.-based Warburg Pincus LLC plans to acquire a 49% stake in China-based Fortune SG Fund Management Co. Ltd. after one of the private equity firm's affiliates received approval for the investment from the China Securities Regulatory Commission.

The private equity firm said Aug. 2 that the deal is subject to certain conditions and is expected to be completed in the third quarter. No financial details were disclosed.

Fortune SG is a joint venture between Société Générale SA and China Baowu Steel Group Corp. Ltd. Warburg Pincus will acquire the stake in Fortune SG from SocGen, China Money Network reported Aug. 2.

As of June 30, Fortune SG had 122.5 billion yuan in public equity assets under management.

As of Aug. 2, US$1 was equivalent to 6.72 Chinese yuan.