Citic Private Equity Funds, the onshore private equity arm of the Chinese state-owned Citic Securities, is winding down its operations after exit of Chief Executive Wu Yibing for Singaporean state investment firm Temasek Holdings Pte., according to sources.
Beijing-based Goldstone will no longer pursue securing additional capital for two separate investment vehicles for which it spent the better part of last year raising money for. The maiden funds were targeting $800 million and 5 billion yuan ($817 million) and had both raised a portion to complete initial closes. It’s not clear how much capital had been raised by those first closes or if any of it has since been drawn down.
Mr. Wu, was also the president of Citic Private Equity Funds Management. He left Goldstone amid Liu Lefei becoming an executive director of Citic Securities . Mr. Liu is the son of Liu Yunshan, a member of the Chinese Communist Party’s Politburo Standing Committee and president of the Central Party School, a position that was previously held by the country’s current President Xi Jinping. It’s not clear if the arrival of the one man and the departure of the other are connected. Source
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