Companies

Singapore's Temasek in $1 Billion China Fund: WSJ

Reuters
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Singapore's Temasek Holdings is ploughing $1 billion into a new China-focused private-equity fund set up by Goldman Sachs' China partner Fang Fenglei, the Wall Street Journal reported on Wednesday.

Fang -- chairman of Goldman's Chinese securities joint venture -- will set up a $2 billion private-equity fund anchored by the Singapore sovereign wealth fund, the newspaper cited sources as saying.

Temasek's contribution will be staggered over a few years, the paper said, adding the new fund would be geared towards buying stakes in state-owned Chinese companies.

Temasek, which has a global portfolio of over $100 billion, has in recent weeks offloaded some shares in Bank of China, China Construction Bank and shipper COSCO.

Analysts has said then that the moves -- expected to net the firm around $1.1 billion -- suggested that Temasek was calling the top of the China stock boom and scouting for cheaper targets in the West.