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China's First Aviation Industry Fund Established with Plans to Raise RMB20B

Source:   Time:

  On Jul. 6, the Ceremony on the Establishment of AVIC Fund of China and its Signing of Strategic Partnership with Tianjin Municipality was held in Tianjin. It is said that the industry fund plans to raise up to RMB20B. It emerges as the first aviation industry fund in China, and also the largest industry fund in the country.

  Jointly launched by China Aviation Industry Corporation and China Construction Bank Co., AVIC Fund of China is the country's first industry investment fund targeting aviation industry and relevant application fields. AVIC Fund of China will be managed by Tianjin Yufeng Equity Investment Management Co., Ltd., a joint venture management firm established by subsidiaries of China Aviation Industry Corporation and China Construction Bank Co.

  According to General Manager of Tianjin Yufeng Equity Investment Management, AVIC Fund of China is an incorporated RMB-denominated equity investment fund that plans to raise up to RMB5B in its first stage. It has already successfully raised RMB1B in the first phase and locked in its investment targets. The fundraising of the second phase is estimated at RMB1.5B-RMB2.5B and is under way, with Tianjin Municipal Government committing to invest RMB500M to RMB1B.

  

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