The private equity company The Carlyle Group has agreed to join Fosun Group in setting up a Chinese-currency investment fund, the companies said in a statement.
The $100 million fund will focus on investing in high-growth companies around the world, said the statement issued late Wednesday.
Shanghai-based Fosun, one of the largest Chinese financial conglomerates, and Carlyle plan to raise capital for other yuan-denominated funds, it said.
Carlyle and Fosun earlier jointly invested in Guangdong Yashili Group Co., a Chinese baby formula company.
"By working with local partners like Fosun, we expect to make investments that benefit high growth companies and enhance the local private equity industry," David M. Rubenstein, Carlyle's co-founder and managing director, said in the statement.
Carlyle has invested more than US$2.5 billion in China in more than 40 deals. Three of the companies it has invested in have completed initial public offerings in Hong Kong and New York.
Fosun, founded by tycoon Guo Guangchang, is involved in pharmaceuticals, real estate, steel, mining, retailing and services. It describes itself as the largest non-state-owned conglomerate in China, with assets worth more than $10 billion under its management.
