The Hong Kong arm of China Everbright Group aims to raise its offshore infrastructure fund to $1 billion through China insurers and European investors, and inject more assets into it.
The mainland group's Hong Kong investment arm has been busy raising new funds this year and has outlined the types of assets it is targeting.
The $276 billion state retirement fund will hire China Everbright Limited for the new mandate as part of its push into direct equity and private equity investments.
China's sovereign wealth fund has reportedly appointed another senior executive, as it seeks to bring its management up to full strength following a period of staff upheaval.
For private equity firms in Asia – even the likes of Apollo, Carlyle and RRJ – raising money has become tougher, something that outflows from emerging markets will exacerbate.
The two are forming an asset management joint venture that will invest in core infrastructure in China, Hong Kong and Taiwan.