About This Fund
CICC HBIS Group (Hebei) Development Equity Investment Fund is a RMB 32 billion (approximately USD 4.58 billion) fund-of-funds co-sponsored by CICC Capital—the private equity arm of China International Capital Corporation—and HBIS Group, one of China's largest steel producers and a Fortune 500 industrial conglomerate. Inaugurated in December 2025 and publicly announced in January 2026, the fund is structured to deploy capital over a 15-year investment horizon through a combination of fund investments and direct co-investments, organized around three strategic pillars: industry-finance synergy, central-local cooperation, and cross-border linkage. BlueFive Capital, an Abu Dhabi-based asset management firm, was named inaugural General Partner in January 2026, tasked with building the sub-fund manager platform and identifying domestic and international co-investment targets. The fund's investment thesis spans traditional industrial sectors aligned with HBIS Group's core steel and manufacturing operations alongside emerging fields including advanced materials, new energy, and next-generation information technology. The vehicle is designed to bridge Chinese government-backed capital, international institutional investors, and industrial operators, facilitating cross-border capital flow connecting Hebei Province and global markets. As HBIS Group's dedicated strategic investment arm, the fund seeks to finance industrial upgrading and technology adoption across its supply chain and broader industrial ecosystem.