CITIC Private Equity Raises US$1.3 Billion for First Fund

CITIC Private Equity Funds Management, the private equity arm of Chinese financial conglomerate CITIC Group, has raised US$1.3 billion in total commitments for its first industrial investment fund. The CITIC Mianyang Private Equity Fund is reportedly the largest yuan-denominated fund ever raised in China, with the National Council for Social Security Fund, China’s state pension fund, serving as the largest investor.