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Wednesday, January 09, 2008

Goldman Sachs to Invest $2B In Chinese Partner Fang Fenglei

HONG KONG (Article by Rick Carew ) -- Goldman Sachs Group Inc. (GS) plans to back a new, $2 billion private-equity fund being set up by its China partner, Fang Fenglei, as many of China's top deal makers try their hand at their own funds.

Goldman plans to put around $300 million into the Hopu Fund as a limited partner, people familiar with the situation say.

The birth of a cluster of competitive private-equity firms run by Chinese deal makers marks an important entrance for China on the global financial scene. Those firms, including Mr. Fang's, hope to compete with the likes of Carlyle Group and ...

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