Goldman to back $2bn PE fund

Goldman Sachs plans to invest US$300 million in a US$2 billion private-equity fund established by Goldman Sachs Gaohua Securities chairman Fang Fenglei, the Wall Street Journal reported. The US-dollar Hopu Fund will be backed by a US$1 billion investment from Temasek Holdings, Singapore's sovereign wealth fund. It will invest in outbound deals alongside Chinese companies, as well as inbound investments in China. Fang Fenglei has recently scaled back his involvement in the daily operations of Gao Hua Securities to focus on private equity deals.