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By Christine Gaylican, Opalesque Asia:

The Government of Singapore Investment Corp. (GIC) Special Investments is investing more than $1 billion in a private equity fund targeting new start-up companies in China, an industry source told Opalesque.

GIC will make said investments in CDH in partnership with the International Finance Corp.--the private sector arm of the World Bank.

CDH, the private equity fund which GIC is investing in, is managed by CDH Investments, an international alternative asset fund manager with more than $2 billion of committed capital under management. CDH Investments was established in 2002 as a spin-off from China International Capital Corp., company documents showed.

“This is not the first time that GIC and IFC got involved with CDH Investments. They are to come in as limited partners. This is their fourth,” said a source knowledgeable of the ongoing fund-raising who requested anonymity, in an interview with Opalesque.

Wu Shangzhi, chairman of CDH Investments-Beijing, confirmed in a recent forum in Hong Kong that the firm is set to acquire its fourth fund soon but declined to publicly disclose the size of the fund due to company policy.

Wu further explained that the entry of private investment firms in the mainland will benefit the existing consolidation of several state-owned companies and would assure employment for residents and migrant workers.

GIC’s investment portfolio

According to its website (w......................

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