LBO France in EUR 500m Franco-Chinese venture with Haixia Capital

Haixia Capital is the private equity and international investment subsidiary of China SDIC Gaoxin Industrial Investment Corp. Based mainly in Beijing and Fuzhou, Haixia Capital had EUR 6.9bn in assets under management as of the end of 2020.

The MoU marks LBO France's first foray into the Chinese market; the PE house said it plans to open an office in China.

Both parties said they would pool their know-how in order to "unlock synergies in their respective markets and strengthen their capacity to spot investment opportunities".

Haixia Capital will gain access to LBO France’s network of entrepreneurs and investors in the French market, while LBO France will aim to better support portfolio companies that have suppliers and/or clients in Asia.

France investors have a history of pursuing partnerships with Chinese counterparts. Most recently, Eurazeo held a EUR 400m first close for the France-China Cooperation Fund, launched in partnership with BNP Paribas and China Investment Corporation (CIC), in early 2020. The vehicle has a final target of EUR 1-1.5bn. This project was initially announced in March 2019, with a memorandum of understanding and a subsequent letter of intent signed in the presence of Presidents Xi Jinping and Emmanuel Macron.

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