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China's Fosun Eyes $1 Billion Private-Equity Fund

Chinese conglomerate Fosun International Ltd. (0656.HK) is raising a $1 billion private-equity fund that will invest in Europe and international companies seeking to expand in China, according to a person familiar with the situation.The company, which has made investments in companies like French resort operator Club Mediterranee S.A. (CU.FR), will have the first close of the China Momentum Fund next month, by which time it would have raised $300 million, according to the person. When a fund has its first close, it can start making investments.Investors in the fund will be limited to around 10 and will largely be pension funds, high-net worth families and institutional investors outside of China, including in the U.S., Canada, Southeast Asia, Taiwan and the Middle East, that can provide strategic resources on top of capital, he said.Prudential Financial Inc. (PRU), which established a $600 million U.S. dollar-denominated fund with Fosun in 2011, will also invest in the new fund. The U....

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