BlueFive Capital has been appointed as the first general partner (GP) for a fund of funds established by CICC Capital, the private equity arm of China International Capital Corporation (CICC), and Chinese steelmaker HBIS Group. The fund targets raising CNY32bn ($4.58bn) with a 15-year term and will pursue investments aligned with HBIS Group’s industrial priorities, including cross-border investments.
It will deploy capital through a combination of fund investments and direct investments, including both traditional industries and emerging industries such as advanced materials, new energy, and next-generation information technology.
The fund is structured around three pillars: industry-finance synergy, central-local cooperation, and cross-border linkage. BlueFive says this framework aims to build a new bridge connecting local governments, international capital, and industrial advancement.
The fund was officially inaugurated last month at a ceremony held at HBIS Group’s R&D centre. Attendees included Sheikh Mubarak Al-Sabah, Vice Chairman of BlueFive Capital; Chen Liang, Chairman of CICC; and Liu Jian, Chairman of HBIS Group.
