In a boon for China's capital city, Carlyle Group announced that it will form a domestic Chinese private equity fund with the Beijing government. According to a statement from Carlyle's, the new fund will help expand the company's investment capabilities in China and will fuel local PE industry. Carlyle has invested more than $2.5 billion in China, and the fund will only increase that number.
Whether the fund's creation will be run by existing personnel or newly hired managers is unclear at this point. Michelle Ong, a company spokesperson, told FINS that "it's premature to discuss hiring at this point."