China Launches $3B Cultural PE Fund

The Chinese government aims to raise 20 billion yuan ($3 billion) for a private equity fund focuses on cultural industries such as media publishing, film and broadcasting, Internet entertainment and leisure, Reuters reported, citing an item in the Shanghai Securities News. Sponsors of the fund include the Ministry of Finance and BOC International. The fund, with about 4 billion yuan currently committed, has agreed to invest in China Publication Group and Xinhuanet.com, Reuters reported.

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