The latest news around the launch of investment funds, products and other financial offerings in Asia-Pacific.

Russell Investments 
Russell Investments, which oversees about $307.4 billion of assets, is now cleared by China to develop and sell funds investing in onshore assets to qualified investors.

The US firm’s Shanghai-based wholly foreign-owned enterprise, set up in 2015, completed the Asset Management Association of China’s registration process in mid-February as a private equity investment fund, it said in a statement. 

“This is an important development to build upon our long-standing work in China. It opens the door to serve Chinese investors with domestically focused multi-manager fund-of-fund solutions designed to help achieve their desired investment goals,” Ying Tan, president and general manager for Russell Investments Management (Shanghai), said. Ying is based in the firm’s Shanghai office.

In 2011, Russell Investments was part of an affiliation that launched the first manager-of-managers solution in China. Three years ago, Russell Investments signed an agreement to support the design of China Asset Management Co domestic fund-of-funds investment products, including guidance on factor exposures and diversification techniques.

Russell Investments expects to announce its first PFM product later this year.

CMC Capital 
China-based CMC Capital Partners has raised more than $950 million in commitments for its third US dollar private equity fund, CMC Capital Partners III, beating its target fund size. 

The fund drew in commitments from organisations including family offices, fund of funds, endowments, pension schemes, sovereign wealth funds and other financial groups. Investors are spread across North America, Europe, the Middle East and Asia, it said in a statement earlier this week. 

CMC Capital will continue its strategy of investing in leading innovative growth companies in media and entertainment, technology, and consumer sectors. With the closing of this new fund, CMC Capital now manages over $2.5 billion in commitments across five funds, it said.

CMC Capital has made over 50 investments in the growth and expansion stage across its target sectors, including many players such as IMAX China, Star TV, iQIYI, Bilibili), Mango TV, Kuaishou, NetEase Music, CAA, Eleme, Manbang Group, Mei Cai, Dingdong, Danke, Hongjiu Fruit, Leqee, Perfect Diary, Neobio, Yuanfudao, Gaosi Education and Zhangmen. 

Amongst all investments, eight companies have completed IPOs, and fifteen investments have been fully or partially realised.