Morgan Stanley Will Launch Yuan-based PE Fund

Morgan Stanley will partner with government of Hangzhou, China, to launch a yuan-denominated private equity fund, Reuters reported. The Wall Street bank signed a partnership agreement with the city, but has not released fundraising targets. Morgan Stanley is following in the footsteps of buyout shops Warburg Pincus and Kohlberg Kravis Roberts & Co., which announced recently plans to set up private equity units in Shanghai.

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