Fred Hu takes private path, to float 10 bln dollars PE fund

High-profile dealmaker and former Goldman Sachs top Asian executive Fred Hu has decided to launch a 10 billion dollars private equity (PE) fund after exiting from the race for a senior position in the nation's central bank, sources familiar with the matter said on Thursday.

Hu is now courting investments for his China-dedicated fund called Chunhua. A number of institutional investors, including the Ping An Group, are keen on investing in the fund, a source told China Daily on condition of anonymity.

Ping An Group, the nation's second largest insurer, may invest 5 billion dollars in the fund, the source said, adding that the two sides are yet to finalize the deal.

The source said the fund could also rope in some foreign investors, but declined to give more details as the talks were still in initial stages. Hu could not be reached immediately for comments.

The investment arm of China Construction Bank, Singapore government-owned Temasek Holdings and his former employer Goldman Sachs are some of the other companies who could help Hu launch the fund, Reuters reported earlier citing sources close to the matter.

Hu, a veteran dealmaker in China, stepped down as a partner of Goldman Sachs recently after working with the Wall Street bank for 13 years.

In one of his landmark deals, Hu spearheaded the 3.78 billion dollars investment for Goldman in Industrial and Commercial Bank of China.


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