CDC Commits To China –

Capital for Development (CDC), the London-based limited partner that is owned and operated by the British government, has made a commitment of $75 million to Actis’ China Fund 2.

The CDC joins the fund’s other LPs – the Asian Development Bank (ADB) and the China National Offshore Oil Co. Actis – in raising about $190 million for the fund. Actis expects to close between $200 million and $250 million in April.

An Actis spokesperson in London preferred to withhold comment until the firm officially announces the launch of the fund in Beijing, which is expected to occur in late April.

Actis manages more than $2.8 billion in assets for 72 international LPs. The firm invests about 40% of its funds in Africa; 35% in Southeast Asia; 17% in the Americas; and 8% in the Asia Pacific region. About $100 million of its current investments in Asia Pacific are in China, where Actis has been investing since 2000.

The fund will be overseen by Actis’ Beijing-based fund manager Bay Chong Chin.

The firm’s portfolio managers have already made three investments from the new fund in Powercom, an integrated cellular telecommunications service provider; China Wolfberry, China’s leading producer of wolfberry fruit wine; and Yu Hua, a designer of mobile phones.