U.S. bank J.P. Morgan’s unit JPMorgan Asset Management (JPMAM) has received permission from Beijing city government to create a $1 billion fund denominated in renminbi (RMB), The Wall Street Journal reports. The fund will be created under the new Qualified Foreign Limited Partner program.
The asset manager is in discussion with investors outside China and onshore, including private and institutional clients, for the vehicle. The fund, to be known as the JPM China Private Equity Fund, will be managed by J.P. Morgan in a joint venture with the Beijing city government.
Click here for the story from The Wall Street Journal.
Click here for additional coverage from Financial News.