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Lloyds TSB Development Capital invests USD30m in Chinese growth fund

Lloyds TSB Development Capital, the private equity arm of the Lloyds Banking Group, has announced a USD30m investment in China New Enterprise Investment Fund II, a private equity fund i

Lloyds TSB Development Capital, the private equity arm of the Lloyds Banking Group, has announced a USD30m investment in China New Enterprise Investment Fund II, a private equity fund investing in Chinese growth companies.

The fund is being managed by New Enterprise Management, whose principal partners are Xiaoyang Yu, Johannes Schoeter and Hirosuke Sakai.

LDC says it was particularly attracted to the opportunity as the partners each have more than 25 years’ experience doing business in China and were pioneers of financial investment in the PRC. The partners are supported by a professional team of eight investment executives.

The investment will represent LDC’s first commitment of capital to the region since the opening of its office in Hong Kong. 

In addition, LDC and CNEI have entered into a partnership agreement regarding portfolio collaboration and co-investment opportunities; along with the mutual exchange of know-how pertaining to investment best practice in Europe and China.

Craig Wilkinson, managing director, LDC Hong Kong, says: ‘We are very excited about working with the China New Enterprise Team. Their innovative fund structure, culture and investment approach will allow us to take a significant step forward in the development of LDC’s Asian operations.’ 

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