The First International Hedge Fund to Raise Fund in China
Ken Griffin’s international hedge fund institution based in Chicago, Illinois, Citadel LLC, is the first international hedge fund to complete fundraising from Chinese wealthy individuals and companies through a local unit.
Citadel
(Shanghai) Foreign Investment won regulatory approval for currency
exchange on March 26, marking the first qualified domestic limited
partner, or QDLP, to have successfully completed fundraising in China,
according to a statement from the Shanghai government’s information
office.
China’s
leaders have pledged to promote freer movement of capital in and out of
the country and make the exchange rate more market-based for investment
purposes. Shanghai started the QDLP program last year to allow
international hedge funds to raise capital in the local currency in
China for overseas investments, aiding the government’s experiment with
capital account convertibility and advancing its plan to build Shanghai
into a financial center.
Source: Bloomberg
