Saturday, July 20, 2024

CICC Porsche Fund has completed its initial closing

BEIJING, June 7, 2024 /PRNewswire/ — Recently, CICC Porsche (Shanghai) Venture Capital Investment Partnership (Limited Partnership) (hereinafter referred to as "CICC Porsche Fund") sponsored by CICC Private Equity Investment Management Co., Ltd. and the wholly-owned overseas entities of Dr. Ing. h.c. F. Porsche AG (hereinafter referred to as "Porsche") has completed its initial closing and filing with the Asset Management Association of China.

It is Porsche’s first cooperation with a leading Chinese financial institution’s private fund management subsidiary worldwide. Porsche is an anchor investor that will zealously promote the development of the fund. Porsche’s investment and main cooperation scheme this time have been approved by the Porsche Global Board of Directors at its headquarters in Germany, with a highly strategic positioning. Porsche’s excellent technical system is expected to help CICC Porsche Fund select investment targets and promote post-investment empowerment.

CICC Porsche Fund is the first CICC fund (through its private fund management subsidiary) to cooperate with internationally renowned auto companies. It is significant as an illustration of CICC group’s international business. It is a model of cooperation between CICC and overseas industrial groups, attracting global capital, and serving as a high-level opening-up to the world.

The CICC Porsche Fund team has been deeply involved in the fields of new energy and intelligent connected vehicles, with distinct industry characteristics and international attributes. The team will continue to explore investment opportunities in the fields of new energy and intelligent connected vehicles with professional investment capabilities, balancing internationalization and regionalization strategies, striving for a win-win situation for portfolio companies, strategic partners, and investors, and helping China’s new energy and intelligent connected vehicle industry to flourish.

On April 24, 2024, Lutz Meschke, Deputy Chairman of the Executive Board and CFO of Porsche, and his delegation met with Yicheng Xu, member of the Management Committee of CICC, in Beijing. Björn Scheib, Head of Investor Relations and Vice President of Porsche, Shuguang Wang, member of the Management Committee of CICC and head of the Investment Banking Department, and Gang Chu, Managing Director of CICC, accompanied the meeting.

About Porsche:

Dr. Ing. h.c. F. Porsche AG has its headquarters in Stuttgart-Zuffenhausen, Germany. The sports car manufacturer is one of the most valuable luxury brands in the world. The company sees itself as a pioneer of sustainable mobility. Sporty and modern. And financially robust. The strong corporate culture is based on passion, pioneering spirit, sportsmanship and family cohesion.

Source : CICC Porsche Fund has completed its initial closing

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