The Carlyle Group
sold the remainder of its China Pacific Insurance Group shares as Chinese IPO's dried up.
More than $130 billion in private equity and venture capital investments
in China are locked inside deals with no easy exits for limited
partners, posing a risk that the robust market for private fund
investment into China could dry up, according to a report Wednesday by
China First Capital.
China Pacific was already trading on the Hong Kong exchange.
China Daily reported:
Carlyle Group, one of the world's largest private equity firms, has
sold its remaining stake in China Pacific Insurance (Group) Co Ltd in a
deal valued at $793 million.
Carlyle began selling its stake in the insurer in late 2010. It
earned about $4 billion from stock sales over that time, five times the
$800 million it had invested between 2005 and 2007 for a 17 percent
stake in the Chinese firm, according to calculations by Thomson Reuters.
Ring the bell for a PEU five-bagger! One down, at least
seven more to go.
