(Yicai Global) Sept. 12 -- Warburg Pincus, LLC, the US private equity investment group, has acquired a 49 percent stake in Fortune SG Fund Management Co. held by Societe General SA [EPA:GLE], French banking and financial services company, xinhuanet.com reported today, citing an announcement by the pair.
After 14 years of development, Fortune SG, one of the first Chinese-foreign joint venture fund companies in China, has now become a comprehensive asset management company that provides clients with publicly-raised fund products, overseas investment funds and special account management services. It is one of the leading companies in China's public funds industry.
As of June 30, 2017, Fortune SG had raised a total of CNY122.5 billion (USD18.7 billion) funds from the public. Its flagship product "Fortune SG Tianyi" is the largest fund listed on the Shanghai Stock Exchange and the Shenzhen Stock Exchange.
Warburg Pincus is one of the world's largest private equity investment firm focused on growth investments. It currently manages more than USD44 billion in private equity assets and has invested in more than 140 companies. Founded in 1966, Warburg Pincus has so far invested more than USD60 billion in 780 companies in 40 countries around the world.