Morgan Stanley will launch a yuan-denominated private equity fund in Hangzhou, China, next week, The Wall Street Journal reports. The U.S. lender will be running the fund in a partnership with Hangzhou Industrial & Commercial Trust.
The detail of the fund, including the size of the new vehicle, has not been disclosed. New York-based Morgan Stanley already holds a roughly 20% stake in Hangzhou Industrial & Commercial Trust.
Click here for the story from The Wall Street Journal.