Adveq, the parent company of Adveq Management, an independent manager of private equity fund-of-funds and Chinese investment company Dalian United have formed the first jointly owned investment management company in China.
Both Adveq and Dalian will take a 50% stake each. The new company will be is the first non-government private equity fund-of-funds investment company in the People’s Republic of China.
Zhenxin Zhang, chairman of Dalian United said: “Looking at the Chinese market, we see tremendous opportunities to develop our activities within the scope of RMB denominated private investing. With Adveq, we are happy to have gained a partner with significant global experience in this business.”
Adveq has been preparing itself for building up its presence in China since April of this year when the firm recruited Darren Wong as executive director, responsible for Adveq’s Asian fund-of-funds programme, based in the firm’s Beijing office.