BIZCHINA / Overseas Investment
Oaktree opens in Beijing
By Zhang Ran (China Daily)
Updated: 2007-03-14 09:37
Oaktree Capital Management LLC, a leading investment management firm,
opened its first mainland office in Beijing yesterday.
Oaktree funds have invested about $850 million in private equity
investments in China.
The company said it would continue to look for opportunities in China in
sectors such as industrial manufacturing, consumer and retail,
petrochemicals and oil and gas.
Los Angeles-based Oaktree had already made several investment deals in
China before it set up the mainland office, including in the country's
major commercial lender, Bank of China, during its initial public
offering in Hong Kong.
Ralph Parks, former chairman and CEO of JP Morgan Asia-Pacific, was
appointed Chairman of Oaktree Capital (Hong Kong) Limited, covering the
Asia-Pacific region. Parks has over 35 years' experience in investment
banking across Asia, Europe and the United States.
Howard Marks, chairman and a founder of Oaktree, said: "Our rapid growth
in Asia, particularly in private equity, highlighted the need to create a
new role to help us further develop investment opportunities, and build
closer relationships with governments, regulators and companies across
the region.
"Ralph has experience in these markets that would be hard to match, and
we are delighted to have him join our team."
Marks said the opening of the Beijing office is an important milestone
for the company that will allow it to better implement its strategy
focused on middle-market firms in China.
The company currently manages over $36 billion in assets in niche
investment areas including private equity and real estate, Asian and
emerging market equities and debt markets.
Private equity firms have been flocking to China in recent years,
attracted by the country's growth potential.
"With global investors eager to invest in China, private equity firms
will have to offer more than just cash and the prospect of a buyout as is
the practice in the United States," Marks said.
(For more biz stories, please visit Industry Updates)
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