About This Fund
The CICC–HBIS Development Equity Investment Fund (also known as the CICC–Hebei Development Fund) is a CNY 32 billion ($4.58 billion) fund of funds co-established by CICC Capital — the private equity arm of China International Capital Corporation, one of China's leading investment banks — and HBIS Group, one of the world's largest steel producers and a major Chinese state-owned enterprise. The fund was officially inaugurated in December 2025 with a 15-year investment term. BlueFive Capital, a global investment platform with $4.4 billion in AUM and strong Gulf Cooperation Council relationships, was appointed as the fund's first General Partner.
The fund operates around three strategic pillars: industry-finance synergy, central-local cooperation, and cross-border linkage. It deploys capital through a combination of fund investments and direct co-investments aligned with HBIS Group's industrial transformation priorities. Target sectors include both traditional heavy industries such as advanced manufacturing and new building materials, as well as emerging sectors including advanced materials, new energy, and next-generation information technology. The fund is designed to support HBIS Group's domestic industrial upgrading while simultaneously facilitating its international expansion, particularly into GCC and Middle Eastern markets where BlueFive Capital maintains strong relationships.
The fund represents a significant milestone in the institutionalisation of China's state-enterprise-backed private equity model, bringing together China's leading investment bank (CICC), one of its largest industrial conglomerates (HBIS), and a Gulf-linked international investment platform (BlueFive). At the fund's inauguration, attendees included Sheikh Mubarak Al-Sabah (Vice Chairman, BlueFive Capital), Chen Liang (Chairman, CICC), and Liu Jian (Chairman, HBIS Group), underscoring the strategic importance of the cross-border GCC–China capital bridge thesis that underpins the fund's design.