Rose Rock Capital Limited, wholly owned by the Rockefeller family, plans to raise $2 billion in both yuan and U.S. dollar funds to invest in commercial properties in China's northern city of Tianjin, the official China Securities Journal reported on Wednesday.
Rose Rock has set up a venture with Tianjin Finance Investment Co to launch the funds, which aim to raise 5 billion yuan initially, including 2 billion yuan by the end of this year, the newspaper said.
Rose Rock, which controls 90 percent of the fund management venture, will be responsible for daily management and operation of the funds, while its Chinese partner will focus on government relationships, the article said.
Money raised will be used to build a landmark commercial property project in Tianjin's financial district, while future investment will expand into other areas including infrastructure, culture and education, the newspaper said.
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