Rockley Group, Shandong Gov't set up US$100 mln fund

Published: 04 Jun 2009 19:52:46 PST

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Jun. 5, 2009 (China Knowledge) - Rockley Group, a UK-based investment fund, said recently that it has entered a partnership with the Shandong provincial government to set up a fund to raise US$100 million, the Shanghai Daily reported.

The new fund, which is cooperating with the Shandong Academy of Sciences and Shandong High-Tech Investment Corp, both government-owned entities, will focus its investment on companies in areas such as energy, health care, media and financial services.

Rockley will contribute US$10 million to the fund, while Shandong High-Tech Investment Corp, which has already taken four firms to market since its establishment in 2000, will provide another US$10 million as well as advice on IPOs. The remaining funds will come from institutional investors.

The fund will be exclusively for investment in companies in Shandong Province, according to the agreement between Rockley Group and the local government.

In the first quarter of this year, private equity funds raised US$500 million in mainland China, down 97% year on year, and invested US$470 million in 19 projects, as per industry sources.

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