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CORRECTING and REPLACING Prudential Financial and Fosun Group solidify private equity fund partnership through a definitive agr

^{Published on 2011-04-11 12:30:18 - Market Wire}
 

NEWARK, N.J.--([ BUSINESS WIRE ])--Please replace the release with the following corrected version due to multiple revisions in the third paragraph.

The corrected release reads:

PRUDENTIAL FINANCIAL AND FOSUN GROUP SOLIDIFY PRIVATE EQUITY FUND PARTNERSHIP THROUGH A DEFINITIVE AGREEMENT

Prudential Financial, Inc. (NYSE:PRU) and Fosun Group (Fosun) announced today they have signed a definitive agreement enabling them to move forward in creating a private equity fund (PE fund) for the Chinese marketplace. The fund will be named the Pramerica-Fosun China Opportunity Fund, L.P. This agreement allows the investment team to begin making private equity investments in a diversified group of industries and asset classes, including public and non-public companies based in China and companies outside of China with significant revenue or other business connections to China.

In January, Prudential and Fosun announced in Beijing, China their strategic cooperation to establish a PE fund. The terms of the partnership include Prudential investing up to US$500 million in the fund. Fosun, which will take primary responsibility for investment decisions, will invest US$100 million.

Founded in 1992, Fosun Group is a large, China-based holding company with a portfolio of different businesses. 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 increased its global focus. 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 known leisure and resort group.

Prudential 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 Prudential Financial and its affiliates in select countries outside the United States.

With approximately $784 billion of assets under management as of December 31, 2010, Prudential has operations in the United States, Asia, Europe, and Latin America. Prudentiala™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. In the U.S., Prudentiala™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 ].