SHANGHAI (AFP) — China's national pension fund is in talks with CITIC Capital Holdings to set up a private equity fund worth up to five billion yuan (730 million dollars), state media reported Wednesday.
The National Social Security Fund has not finalised how much it will invest in the fund, the China Business News reported, citing an unnamed source. It did not specify which other investors might be involved.
CITIC Capital, a unit of China's state-owned financial conglomerate CITIC Group, will manage the fund, the report said.
A spokeswoman with CITIC Capital declined to comment when contacted by AFP while officials with the fund were not immediately available for comment.
The fund has said it received government approval in March to invest 10 percent of its assets in private equity funds, or around 50 billion yuan based on the fund's total assets of 516.2 billion yuan as of the end of 2007.
The fund's chairman Dai Xianglong said in June that it aims to have investments worth up to 100 billion yuan in private equity funds by 2010.
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