About This Fund
CICC–HBIS Development Equity Investment Fund is a large-scale Chinese private equity fund-of-funds structure jointly established by CICC Capital — the private equity investment arm of China International Capital Corporation (CICC), one of China's leading investment banks — and HBIS Group, the country's second-largest steel producer by output. The fund targets total commitments of 32 billion Chinese yuan (approximately $4.6 billion USD) over a 15-year fund lifecycle, making it one of the largest domestically-focused development equity fund-of-funds vehicles established by a Chinese state-linked industrial conglomerate.
The fund employs a fund-of-funds architecture, allocating capital to a portfolio of underlying general partners selected for their expertise in industrial transformation, advanced manufacturing, materials science, and China's strategic development sectors. BlueFive Capital was appointed as the inaugural general partner for the vehicle in January 2026, marking the start of the fund's external GP engagement program. The structure allows the CICC-HBIS consortium to leverage the investment management expertise of specialist GPs while maintaining strategic alignment with HBIS Group's industrial transformation agenda and CICC Capital's broader private equity platform.
CICC Capital manages the fund as part of its broader private markets platform, which sits alongside CICC's investment banking, securities, and asset management operations. HBIS Group's participation as a cornerstone LP and co-founder provides industrial deal flow and strategic co-investment capabilities in materials, industrial technology, and advanced manufacturing sectors that are central to China's industrial policy priorities. The fund's 15-year structure reflects the long-duration thesis underlying China's industrial transformation capital requirements.