BlackRock to close private fund in China after just three years
By Timmy Shen
April 1, 2021
A unit of BlackRock Inc., the world’s largest asset manager, is closing down its private fund business in China after just three years and instead will focus on mutual funds, in a move to meet regulatory requirements.
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The news comes after BlackRock said that it had built a 5.21% stake in Toshiba.
The fifth fund had a target of $1 billion.
Blackrock acquired Admirax from Ascendas-Singbridge in April 2018.
Global giants are looking to take advantage of the opening up of its $40-trillion financial sector.