China-based Shenzhen Capital Group has held the first completion of its debut merger and acquisition (M&A) fund, Red Earth M&A Fund, at 1.6 billion yuan ($262 million).
Red Earth M&A Fund, which has a total corpus of $525 million, will commit in key industries that are consistent with China’s industrial integration, modernizing trend and high-quality projects.
Backers in the vehicle include Shenzhen City Guidance Fund, Shenzhen Capital Group, UTrust Fund and Shenzhen Huitong Financial Holdings.
Shenzhen Capital said that the vehicle will be managed by Shenzhen Chuanye Investment Group Management, controlled by Shenzhen Capital.