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China Private Equity Holdings and Adamas Asset Management plan USD20m JV

AIM-quoted China Private Equity Investment Holdings is planning a seven-year USD20m joint investment programme with the Hong Kong-based investment management firm Adamas Asset Management.

 
The move is in line with the developing strategic partnership between the companies agreed last November.
 
The programme will target investments predominantly in income-generating assets in Greater China. It will be funded initially by USD5m of new capital to be raised by a placing, the timing and details of which are still to be announced. 
 
CPE chairman John Croft says: “Our decision last year to develop a strategic partnership with Adamas recognised the potential benefits to be realised by combining the operational private equity experience of CPE with Adamas’ proven investment and risk management processes in the Greater China region.”
 
As part of the arrangement, CPE will issue options over 1.5 million ordinary shares in CPE to Adamas, exercisable within three years, half at 10c per share and half at 15c per share. 
 
Adamas managing partner Barry Lau says: "For Adamas, the execution of the co-investment plan and the grant of the new Options represents another step towards our goal of becoming a significant long term shareholder in the Company. With our broad regional experience and institutional reach, we are looking forward to completing new asset acquisitions that will strengthen both Adamas and CPE and underpin our collective long-term strategic growth. " 

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