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China Launches $3B PE Fund

China has unveiled a $3 billion private equity fund.

China has unveiled a $3 billion private equity fund, Reuters reports, citing Shanghai Securities News. The government-backed fund initially plans to raise $927.78 million, which will be contributed by four sponsors.

Among the sponsors, Ministry of Finance and BOC International, have jointly offered $618.52 million. The fund, which plans to venture into cultural industries, such as media publishing and Internet entertainment, will invest in China Publication Group and Xinhuanet.com.

Click here for the story from Reuters.

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