Blackstone to Team With Shanghai on First Domestic Chinese Fund

Blackstone Group LP, the world’s biggest buyout company, agreed to set up a 5 billion yuan ($731 million) private-equity fund with Shanghai, the first venture between a global buyout firm and the Chinese government.

The Blackstone Zhonghua Development Investment Fund will be created with the newly formed government of Pudong New Area, Blackstone said in a statement today. The fund will target investments in Shanghai and the neighboring areas. China and Blackstone didn’t disclose the structure of the fund. Blackstone spokesman Peter Rose declined to comment beyond the statement.

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- Posted: 2009-08-14 10:13:55

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