LDC, the private equity arm of the Lloyds Banking Group, today announces its US$30million fund investment in China New Enterprise Investment Fund II (‘CNEI’) a private equity fund investing in well established quality Chinese growth companies.
The fund is being managed by New Enterprise Management, whose principal partners are Xiaoyang Yu, Johannes Schoeter and Hirosuke Sakai.
LDC was particularly attracted to this 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.
This fund 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, comments: “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.”
LDC Note to Editors:
LDC (Lloyds TSB Development Capital) is part of the Lloyds Banking Group and is authorised and regulated by the Financial Services Authority. LDC has, since 1981, completed over 400 investments, has ongoing interests in over 60 businesses across the UK. LDC back ambitious management teams from UK-based companies seeking between £2m and £100m of equity for management buy-outs, institutional buy-outs or development capital transactions. LDC invests in a broad range of sectors and has particular experience in financial services, healthcare, industrials, IT & software, leisure & media, retail & consumer, and support services.