China's social security fund invests 1.2 bln yuan in IDG
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Dai Xianglong, chairman of China's national Social Security Fund (SSF), said SSF is to invest 1.2 billion yuan (US$175.7 million) in Harmony Growth Fund, an RMB-fund launched by US-based IDG Capital Partners, Shanghai Securities News reported Friday.
IDG Capital Partners is a China-focused investment firm with over US$2.5 billion capital under management. Harmony Growth Fund aims to raise a total of 3.5 billion yuan (US$512.4 million) and has attracted several other institutional investors, said Xiong Xiaoge, founding partner of IDG.
Besides IDG's Harmony Growth Fund, SSF currently has investments in six other private equity funds, including the China-Belgium Fund, Bohai Industrial Investment Fund, CDH Fund, Hony Fund and CITIC Mianyang Private Equity Fund.
Dai said SSF is conducting a due diligence investigation of CITIC Capital and Shanghai Financial Industrial Fund. The national pension fund also plans to invest in the second phase of the Bohai Industrial Investment Fund, CDH Fund, and Hony Fund, he added.
China's business press carried the story above on Friday. China.org.cn has not checked the stories and does not vouch for their accuracy.
