CICC Private Funds Group

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.

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.

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.

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.

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.