HONG KONG, July 2 (Reuters) - Value Partners Group said on Monday evening its Shenzhen unit and Huajiao Education have entered into an agreement to set up a China Education Fund, with targeted assets under management of 5 billion yuan ($750.41 million).
Value Partners and China Education Group Holdings Limited (CEG), the parent company of Huajiao Education, will make an initial contribution of 370 million yuan and 250 million yuan, respectively, to the fund, the investment company said in a statement.
“The formation of the China Education Fund is a further step in deepening the Group’s footprint in the PRC, and is also in line with the Group’s strategy to grow its product offerings,” Value Partners said.
It added that the cooperation with CEG, a leading large-scale private higher and vocational education provider in China, can enhance the performance of the China Education Fund. ($1 = 6.6630 Chinese yuan renminbi) (Reporting by Clare Jim; Editing by Louise Heavens)