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CITIC Private Equity Management
CITIC Private Equity Management is a private equity firm based in Beijing, China. It focuses on venture capital investments.
CITIC Private Equity Management
CITIC Private Equity Management is a private equity firm based in Beijing, China. It focuses on venture capital investments. The firm is headquartered in Beijing.
General information
Firm type
Private Equity
Year founded
2007
AUM
> $1B (Altss estimate)
Location
Region
Asia
Country
China
City
Beijing
Corporate office
Beijing, China
Principals
Liu Lefei
Chairman
Sector focus
Frequently asked questions
Who runs investment decisions at CITIC Private Equity Management?
Chairman Liu Lefei oversees all major investment decisions with a committee structure that includes senior managing directors from the firm's buyout and growth equity teams. The parent CITIC Group retains veto power on deals exceeding certain size thresholds or touching sectors deemed strategically sensitive by state regulators. Day-to-day sourcing and execution authority rests with sector heads organized by industry vertical.
How does CPEM source its proprietary deal flow?
The firm sources deals primarily through CITIC Group's industrial network, which includes CITIC Pacific's steel and trading operations, CITIC Heavy Industries, and the group's banking relationships with thousands of state-owned enterprises. CPEM also receives referrals from CITIC Securities' investment banking clients and maintains relationships with regional government investment promotion agencies in Jiangsu, Guangdong, and Zhejiang provinces.
Is CPEM a state-owned entity or does it operate independently?
CPEM is wholly controlled by CITIC Group, which is itself a state-owned enterprise under China's State Council. However, the firm was deliberately structured with market-oriented compensation, including carried interest for investment professionals, to compete with global private equity firms for talent. Its portfolio companies operate commercially, though the firm's ultimate investment mandate includes advancing industrial policy objectives articulated in China's five-year plans.
Is CPEM a single-family office or does it operate more like a venture firm?
CPEM is neither. It is a multi-strategy private equity asset manager with a diversified LP base that includes domestic Chinese insurers, state pension funds, and family offices alongside capital from its parent CITIC Group. The firm runs buyout, growth equity, and venture strategies under one roof, distinct from a family office's single-principal funding model.
What investment stages does CPEM typically target?
The firm primarily executes control buyouts and significant minority growth equity investments in established industrial, healthcare, and financial services companies. Its venture capital team, a more recent addition, targets hard technology startups in semiconductors, advanced materials, and enterprise software at Series A through pre-IPO stages.
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