On March 12, 2012, a ceremony was held at the Diaoyutai State Guesthouse to announce and celebrate the launching of an urban infrastructure industry fund. Leaders present at the ceremony included Huang Mengfu, vice chairman of the CPPCC National Committee and president of All-China Federation of Industry & Commerce (“ACFIC”), Cai Esheng, vice president of China Banking Regulatory Commission, etc..
The fund, initiated by ACFIC Chamber of Urban Infrastructure, is the fourth trial industry investment fund approved by National Development and Reform Commission and the only industry fund predominately supported by private enterprises. The initial round of fundraising will involve RMB2.5bn out of an overall RMB10bn, of which PetroChina will contribute the most part and private enterprises registered with ACFIC for the rest. The fund is designed to offer private capital access to the energy and infrastructure sector.
Dacheng attorneys Li Shoushuang and Li Xue provided comprehensive legal service for the fund. Their work included fund structure design, legal document review and drafting for the fund manager and fund formation, internal decision-making mechanism design and negotiation with investors.
