Business & Finance
Business and Finance
Business and Finance
Thu, January 13, 2011 Fosun Group and Prudential Financial, Inc. announce private equity fund
NEWARK, N.J.--([ BUSINESS WIRE ])--Beijing a"Chinaa™s leading investment company Fosun Group (Fosun) and global insurance and financial services leader Prudential Financial Inc. (PFI) (NYSE: Pru) signed a memorandum of strategic cooperation to establish a private equity fund, which will be the single largest investment fund supplied to a third party management corporation in PFIa™s 135-year history.
"PFI includes insurance companies that are among the best in the industry; the partnership is a new milestone for Fosun as it moves to play on global stage. It also demonstrates that Fosun has officially entered the asset management business, achieving the LP fund-raising both in China and overseas."
According to the agreement, PFI, as a limited partner is looking to invest US$500 million in the fund, while Fosun, as a general partner will take responsibility for investment decisions and is looking to invest US$100 million.
Guo Guangchang, Chairman of Fosun, said: aPFI includes insurance companies that are among the best in the industry; the partnership is a new milestone for Fosun as it moves to play on global stage. It also demonstrates that Fosun has officially entered the asset management business, achieving the LP fund-raising both in China and overseas.a
Mark Grier, Vice Chairman of PFI said: aThe cooperation is based on optimism about the economic prospects for China, as well as the common investment philosophy between PFI and Fosun. We trust in Fosuna™s investment ability, industrial base and understanding of local markets. As one of PFIa™s most important strategic partners, Fosun will play a key role in PFIa™s China strategy and business development in the future.a
Founded in 1992, Fosun Group is Chinaa™s leading investment company. Its three main core competencies are sustainability to explore investment opportunities, continuous management improvement, and optimal financing from multiple sources. Since the beginning of 2010, Fosun has transformed into a global enterprise. The company is committed to building an integrated investment platform fully utilizing its domestic and global resources. In March 2010, Fosun established its first foreign-partnership joint venture equities investment operation in China with Carlyle Group. In June 2010, Fosun invested in Club Med, an internationally famous leisure and resort group.
With approximately $750 billion of assets under management as of September 30, 2010, PFI has operations in the United States, Asia, Europe, and Latin America. PFIa™s diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds, investment management, and real estate services.
PFI has a presence in China through its Beijing Representative Office, Everbright Pramerica Fund Management Co., Ltd., headquartered in Shanghai, Pricoa Consulting (Shanghai) Co., Ltd. and Pricoa Relocation Hong Kong Limited. Pramerica and Pricoa are trade names used by PFI and its affiliates in select countries outside the United States.
In the U.S., the companya™s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit [ http://www.news.prudential.com ]. PFI of the United States is not affiliated in any manner with Prudential plc, a company incorporated in the United Kingdom.
