China Yuantong Capital, which brings together people from Wall Street and private equity funds in the United States, established its first RMB fund, Yuantong China Growth Fund on November 12, with a target of RMB 3 billion. And Jiangsu Wuxi Industry Group has committed to invest 900 million yuan in the fund, becoming one of its cornerstone investors.

Doug Bradley, founder and managing partner of Yuantong Capital, said the fund will focus on the rapid growth of residents' purchasing power and the adjustment of energy consumption structure in the process of rapid urbanization in China. Consumer and new energy industries.

He said that the term of the fund is 10 years, of which the investment period is six years. The company's investment strategy is more flexible. It can either participate in the growth and expansion of the company, or participate in the restructuring of investment opportunities of state-owned enterprises. The average investment scale is expected to be 150-250 million yuan, and the largest single project investment shall not exceed 20% of the fund scale.

"Chinese companies' desire for private equity funds is far greater than supply, and the next 10 years (fund demand) will only increase." He said that the company's investment team is a relatively good combination, both with experience in overseas mergers and acquisitions and investment banks, and Local private equity talent in China.

Bradley has held senior positions in investment banking at Deutsche Bank, Lehman and HSBC. Prior to founding Yuantong Capital, he was the head of HSBC ’s North American Investment Banking department, executing more than $ 30 billion in acquisitions and mergers. Lin Xuchu, the other founder of Yuantong Capital, is the son of Lin Yifu, senior vice president of the World Bank. He has served in the banking department of Xinao Capital, Oak Capital and HSBC.

As China strengthens its supervision of overseas listings of domestic companies, more and more foreign venture capitals have set up RMB funds in China, seeking more exit channels. Since 2009, Blackstone Group, Carlyle, Texas Pacific Group and other world-renowned private equity funds have established RMB funds in Shanghai, Beijing and other places.

Regarding the target industry, Bradley said that the future development prospects of agriculture, clean energy and big consumption, such as education, media and medical care, are all good.

"China is short of energy, and China may become a global leader in clean energy, such as waste treatment, environmental protection, and clean energy," he said.

He also pointed out that as China's urbanization advances and residents' income increases, consumption will be an important growth pole of the Chinese economy. It is expected that in the next 15 years, the proportion of consumption to gross domestic product (GDP) will increase from the current 25% to 33%. The company is optimistic about the investment opportunities arising from the consumer sector in domestic second- and third-tier cities.

Bradley expects that Yuantong China Growth Fund should complete the fundraising within one year, but the investment of specific projects will begin operations in the near future.

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