Citic Targets $1.9B for New PE Fund

The private equity unit of China’s Citic Securities is aiming to raise 12 billion yuan ($1.9 billion) for its third private equity fund, Reuters reported. Citic Private Equity Funds Management Co. also aims to raise 5 billion yuan for its mezzanine fund and has so far raised 3 billion yuan, Reuters wrote Tuesday.

(Reuters) – The private equity unit of Citic Securities , China’s biggest listed brokerage, has launched its third private equity fund, aiming to raise 12 billion yuan ($1.9 billion), two people with direct knowledge of the plan told Reuters.

Citic Private Equity Funds Management Co (Citic PE) also aims to raise 5 billion yuan for its mezzanine fund and has so far raised 3 billion yuan, one of the sources said.

Citic PE competes with domestic and global rivals including Blackstone Group LP , TPG Capital LP and the Carlyle Group in China’s booming private equity market, which Beijing hopes will channel liquidity into the real economy to drive innovation and aid growth. ($1 = 6.401 Chinese Yuan) (Reporting by Samuel Shen and Jacqueline Wong; Additional reporting by David Lin)