China Investment Corporation (“CIC”), BNP Paribas, and Eurazeo have announced the launch of the France-China Cooperation Fund, which has held a first close at €400m. Additional capital may be also raised from third parties.
The new fund will seek to invest in French and Continental European companies aiming to open new pathways for growth in China. Target companies are expected to be in sectors with significant opportunity in China, including advanced industrials, business services, consumer goods and services, healthcare, and digital technology.
“We are delighted to have advised our longstanding client CIC on yet another significant transaction,” said Cathy Yeung, Global Vice Chair of Latham & Watkins’ Capital Markets Practice and Chair of the firm’s Greater China Practice. “The fund raising underscores the depth of the firm’s global funds practice and its unique ability to handle complex, cross-border transactions.”
London corporate partner Nick Benson added: “Despite prevailing market conditions, this new fund demonstrates the continued attractiveness of European assets for Asian investors. We are pleased to have played our part in bringing the fund to market.”
Latham & Watkins advised CIC on the transaction with a team led by Hong Kong partner Cathy Yeung and London partner Nick Benson, with London associates Adi Jhaveri and Olivia Kim.