As per the agreement, Prudential, as a limited partner, is willing to invest $500m in the fund, while Fosun, as a general partner, will take responsibility for investment decisions and willing to invest $100m.
Prudential vice chairman Mark Grier said that the cooperation is based on optimism about the economic prospects for China, as well as the common investment philosophy between Prudential and Fosun.
"As one of Prudential’s most important strategic partners, Fosun will play a key role in Prudential China strategy and business development in the future,"Grier said.
Fosun chairman Guo Guangchang said the partnership is a new milestone for Fosun as it moves to play on a global stage. It also demonstrates that Fosun has officially entered the asset management business, achieving the LP fund-raising both in China and overseas.
Prudential has a presence in China through its Beijing representative office, Shanghai-based Everbright Pramerica Fund Management and Pricoa Relocation Hong Kong. Pramerica and Pricoa are trade names used by Prudential and its affiliates in select countries outside the US.
