LDC, the mid-market private equity arm of the Lloyds Banking Group, has invested $30 million in China New Enterprise Investment Fund II, a private equity fund investing in Chinese growth companies.
The investment is the LDC’s first commitment of capital to the region since the recent opening of its office in Hong Kong. In addition, LDC and CNEI have entered into a partnership agreement regarding portfolio collaboration and co-investment opportunities, along with the mutual exchange of insights pertaining to investment best practice in Europe and China, the firms said.
“We are very excited about working with the China New Enterprise Team,” says Craig Wilkinson, managing director of LDC Hong Kong. “Their innovative fund structure, culture and investment approach will allow us to take a significant step forward in the development of LDC’s Asian operations.”
The China New Enterprise Investment Fund II is managed by New Enterprise Management, whose principal partners are Xiaoyang Yu, Johannes Schoeter and Hirosuke Sakai.
Recent transactions include investments with British Salt, Cable Management Group, Davies Group, Ego Restaurants, Emprise, kidsunlimited, GVA Grimley, JCC and Leasedrive Velo, plus exits from ATP, Apollo Group, Britton Group, ghd and Telecom Service Centres.
D.C.