French state-backed investor BPI France and China Development Bank have committed €100m each to back a private equity fund targeting medium sized companies in France and China.
The moves, which follow the state visit of President Xi Jinping in France in March, underscore Western governments’ courtship of China in an attempt to bolster jobs at home.
The “Sino French Midcap Fund”, managed by Cathay Capital, a private equity group founded by Chinese national Mingpo Cai and Frenchman Edouard Moinet, has amassed a total of €460m so far, BPI France said on Monday. It has a final target of €500m.
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