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CICC Private Funds Group
CICC Private Funds Group operates as one of the longest-tenured institutional gateways to Chinese private equity for global limited partners.
CICC Private Funds Group
CICC Private Funds Group serves as the primary private equity fund of funds platform within China International Capital Corporation, the Beijing-headquartered investment bank founded in 1995 as a landmark Sino-foreign joint venture between Morgan Stanley and Chinese state entities. The group channels institutional capital into commingled private equity, venture capital, real estate, and infrastructure funds across Greater China and select pan-Asian strategies. Strategy spans primary fund commitments, secondary acquisitions, and direct co-investments alongside general partners with demonstrated local origination advantages. Confirmed portfolio linkages include funds managed by CITIC Capital, CDH Investments, and Hony Capital, with secondary activity documented in transactions involving Ping An and other domestic institutions. Deployment targets buyout, growth equity, and venture across consumer, healthcare, technology, and advanced manufacturing sectors, predominantly within mainland China and Hong Kong. The group manages discrete vehicles including RMB-denominated funds of funds for domestic Chinese limited partners and USD-denominated programs for international institutions such as sovereign wealth funds, pensions, and endowments seeking calibrated mainland exposure. Parent entity CICC maintains additional offices in Shanghai, Hong Kong, Singapore, New York, and London, providing the group a cross-border infrastructure uncommon among purely domestic fund-of-funds platforms. CICC Private Funds Group differs structurally from independent fund of funds managers through its embedded role within a publicly listed investment bank. This architecture surfaces deal flow from CICC's investment banking and research franchises, grants access to pre-IPO environments, and aligns the group's fund selection process with the bank's aggregate market intelligence on sponsor performance in China — a sourcing loop unavailable to disintermediated allocators (per the firm's official communications).
General information
Firm type
Private Equity Fund of Funds
Year founded
1995
AUM
Undisclosed
Location
Region
Asia
Country
China
City
Beijing
Corporate office
Beijing, China
Sector focus
Frequently asked questions
How is CICC Private Funds Group related to China International Capital Corporation?
CICC Private Funds Group is the dedicated fund-of-funds and co-investment platform within China International Capital Corporation, the Beijing-based investment bank founded in 1995. It operates as a core alternative asset management division rather than a separate legal entity, leveraging CICC's investment banking, research, and wealth management infrastructure. This embedded structure provides deal flow advantages and due-diligence capabilities distinct from independent fund-of-funds managers.
Does CICC Private Funds Group invest in both RMB and USD-denominated funds?
Yes, the group manages parallel programs across RMB and USD vehicles. The RMB-denominated funds of funds serve Chinese institutional investors and target domestic GPs, while the USD-denominated programs cater to global sovereign wealth funds, pensions, and endowments. This dual-currency structure gives the platform access to GPs that raise exclusively in one currency and allows distinct regulatory and tax treatment for different investor bases.
What types of private equity strategies does the group target?
The group commits across buyout, growth equity, and venture capital strategies, with additional allocations to real estate and infrastructure funds. Primary fund commitments form the bulk of deployment, supplemented by secondaries purchases and direct co-investments alongside trusted general partners. Its geographic focus rests on Greater China and select pan-Asian strategies, with sector emphasis spanning consumer, healthcare, technology, and advanced manufacturing.
What is CICC Private Funds Group's known posture on co-investment?
Co-investment is a distinct component of the group's strategy, executed alongside GPs with proven origination capabilities in the Chinese market. By pairing fund commitments with direct co-investment rights, the group seeks to reduce blended fee loads and gain concentrated exposure to specific assets. The co-investment pipeline benefits from CICC's broader investment banking relationships and sector research teams.
Does CICC Private Funds Group have any known secondary market activity?
The group has transacted in the private equity secondary market, including documented transactions involving LP interests in funds managed by domestic institutions such as Ping An. Its secondary activity functions as both a portfolio management tool and a discrete deployment strategy, allowing the platform to acquire seasoned fund interests at discounts while offering liquidity to sellers navigating China's evolving regulatory landscape.
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