BlueFive Capital, a global investment platform, has been appointed as the first General Partner (GP) for a Fund of Funds established by CICC Capital, the private equity arm of China International Capital Corporation (CICC), and Chinese steelmaker HBIS Group.
The Fund-of-Funds will deploy capital through a combination of fund investments and direct investments aligned with HBIS Group’s industrial priorities, including both traditional industries and emerging industries such as advanced materials, new energy, and next-generation information technology. The Fund targets raising RMB32 billion ($4.58 billion) with a 15-year term and will pursue investments aligned with HBIS Group’s industrial priorities, including cross-border investments.
The Fund is structured around three distinct pillars: industry-finance synergy, central-local cooperation, and cross-border linkage. This framework aims to build a new bridge connecting local governments, international capital, and industrial advancement. BlueFive Capital will collaborate with premier industrial and financial institutions, alongside local partners, to ensure the fund’s long-term operational success.
The fund was officially inaugurated last month at a ceremony held at HBIS Group’s R&D centre. Attendees included Sheikh Mubarak Al-Sabah, Vice Chairman of BlueFive Capital; Chen Liang, Chairman of CICC; and Liu Jian, Chairman of HBIS Group.
Hazem Ben-Gacem, Founder and Chief Executive of BlueFive Capital, said: “BlueFive Capital is deeply rooted in the Middle East with a global footprint. We are bullish about China’s long-term growth potential and see significant opportunities for HBIS Group’s cross-border expansion, particularly in high-end manufacturing and new building materials. This fund-of-funds will be instrumental in identifying high-quality investment opportunities both domestically and internationally, ultimately supporting industrial upgrading and high-quality development.”
