The tie-up with China's largest private investment house furthers Carlyle's aggressive expansion into the country, where the firm has so far invested more than $2.5bn.
The Liaoning Huayuankou Investment Fund will make pre-IPO investments in the new materials, new energy, consumer-oriented, media, healthcare, natural resources, industrial technology and aerospace sectors in the city’s Huayuankou Economic Zone.
The Chinese sovereign wealth fund is reportedly investing $500m each in custom accounts with secondaries players Lexington Partners, Goldman Sachs and Pantheon Ventures.
The Sharia-compliant fund, a JV between Munich- and Boston-based TVM and Dubai-based Boston BioCapital, and will invest in the region’s healthcare services and life sciences sectors.
The investment gives the emerging markets specialist a substantial minority stake in Integreon and will be used to scale up the company's operations and to make strategic acquisitions.
The Hong Kong-based investment arm of China’s Bank of Communications has launched its debut private equity fund, which aims to raise up to $500m for a first close by May.