# CITIC Private Equity Management

CITIC Private Equity Management is a Private Equity based in Beijing, China.

## Overview

- **Organization type:** Private Equity
- **Headquarters:** Beijing, China
- **Region:** Asia
- **Address:** Beijing, China
- **Founded:** 2007
- **Assets under management:** > $1B (Altss estimate)
- **Website:** cpem.com.cn
- **LinkedIn:** https://www.linkedin.com/company/citic-private-equity-funds-management

## Regulatory record

- **Reports private funds:** No

## About

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.

## Sectors

- Enterprise Software
- AI/ML
- Industrial Tech
- Energy Transition & Renewables
- Healthcare Services

## People

- Liu Lefei — Chairman

## 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.

### 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.

## Related profiles

- [CITIC New Future Investment](https://altss.com/profile/citic-new-future-investment)
- [citizen.vc](https://altss.com/profile/citizenvc)

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Last updated: 2026-06-03T20:00:00.000Z

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