Prudential Financial plans to link up with China’s Fosun Group to create a private equity fund worth at least $600 million. Prudential plans to add $500 million to the new fund, while Fosun will contribute $100 million. The fund is the largest in Prudential’s history to be managed by a third party. As general partner, Fosun will make the fund’s investment decision, while Prudential will be a limited partner.
It is not yet clear whether the fund will add more funds from other limited partners. It is also not yet clear whether the fund will be focused on investments in Greater China.
The transaction is being advised by the Hong Kong office of Debevoise and Plimpton.