中
国的"太子党"建立起来的私募股权基金多半会遭到炮轰，被批评不专业和随意投钱。但以中国资深政治家江泽民的孙子江志成为合伙人之一的博裕投资(Boyu Capital)却赢得了投资者的赞许，预计很快会为第二期基金吸引到资金。博裕投资计划今年晚些时候推出该基金，拟募集15亿美元。驻北京的一位有限合伙人指出，博裕投资另外四个合伙人的背景可体现出该公司的专业性。
博裕投资的联合创始人包括曾任德太投资(TPG Capital)亚洲区董事总经理的马雪征、曾任中国平安保险（集团）股份有限公司(Ping An Insurance (Group) Co. of China Ltd.)总经理的张子欣和私募股权公司Providence Equity Partners前董事总经理童小�等。
童小�没有回应记者的采访请求。路透社(Reuters)最先报道了博裕投资集资一事。
目前不清楚博裕投资是否已退出了第一只基金所做投资，或是否给投资者带来任何回报。新加坡淡马锡控股(Temasek Holdings)便是其投资者之一。有位律师说，不管怎样，博裕投资都将收获一大笔意外之财：其投资组合中的一家公司、中国最大电子商务企业阿里巴巴集团控股有限公司(Alibaba Group Holding Ltd.)考虑最早将于今年某个时候在美国或香港上市。
正如《华尔街日报》的"中国实时报"栏目所报道的， Alibaba.com前负责人卫哲说，上市后阿里巴巴集团的市值可能达到1,000亿美元。博裕投资与中国投资有限责任公司(China Investment Corp.)、中信资本(Citic Capital)和中国国家开发银行(China Development Bank)等投资者去年收购了阿里巴巴集团5.6%的股份。
Private Equity Analyst曾在2011年年中称，博裕投资首只基金的募资额为10亿美元，之后不到六个月，便得到了两亿多美元的出资承诺。该公司主要投资的是聚焦中国的成长型股权交易，电子商务、零售和金融服务也在其投资范围内。
江志成的政治背景对博裕投资进军科技巨头阿里巴巴等投资组合公司无疑助了一臂之力，但驻北京的一位有限合伙人说，年轻的江志成（不到30岁）已经积累了丰富的工作经验。在加入博裕投资之前，毕业于哈佛大学(Harvard University)经济学系的他曾在高盛集团(Goldman Sachs Group Inc.)私募股权部门做分析师。
话虽如此，那位香港律师仍指出，作为合伙人来讲，江志成仍嫌年轻。
江志成的家族与中国国家现任主席习近平的家族有着密不可分的过去，至少从文化大革命时期以来便是如此，而且习近平本人早年的一次仕途升迁也要得益于江泽民的提携。
另一个由中国政治精英的家人创立的知名私募股权公司是新天域资本(New Horizon Capital)，由中国前国务院总理温家宝之子温云松在2005年创立。这个在香港和北京均设办事处的公司去年受到外界关注，原因是中国重庆市的政府官员将一个出售杂货和电子产品的国有连锁店股份卖给了由新天域资本牵头的一个投资集团。《华尔街日报》当时报道过此事。
该投资集团实际上成了重庆市政府的零售业合伙人。
Sonja Cheung
（本文版权归道琼斯公司所有，未经许可不得翻译或转载。）
More often than not, private equity funds set up by the sons and daughters of top Chinese government officials, also known as "princelings," have been met with a barrage of criticism for being unprofessional and investing money willy-nilly into deals.
But Boyu Capital, which counts among its partners Alvin Jiang, the grandson of elder political statesman Jiang Zemin, has won praise from investors and is expected to quickly attract capital for its second fund, which it plans to launch later this year with a $1.5 billion target. One Beijing-based limited partner also pointed to the pedigrees of the firm's four other partners as a testament to the firm's professionalism.
Boyu's co-founders include Mary Ma, who previously worked as a managing director of TPG Capital's Asian arm, former Ping An Insurance 601318.SH -1.19%(Group) Co. president Louis Cheung and Sean Tong, a former managing director at Providence Equity Partners.
Mr. Tong didn't respond to an interview request. Reuters first reported the fundraising efforts.
It's unclear if Boyu has exited any investments made from its first fund or produced any distributions to investors, which include Singapore's Temasek Holdings. Regardless, one lawyer said the firm stands to receive a windfall as portfolio company, Alibaba Group Holding Ltd., China's biggest e-commerce company, which contemplates listing shares either in the U.S. or Hong Kong sometime this year at the earliest.
The e-commerce giant could garner a $100 billion valuation post-offering, former Alibaba.com head David Wei said, as reported by the Wall Street Journal's China Real Time Report. Boyu, alongside investors including China Investment Corp., Citic Capital and China Development Bank acquired a 5.6% stake in Alibaba last year.
Boyu's first fund closed on $1 billion and secured more than $200 million in commitments in less than six months, Private Equity Analyst reported mid-2011. The firm invests in China-focused growth equity deals, in sectors that include e-commerce, retail and financial services.
Alvin Jiang's political ties have undoubtedly helped Boyu's investment into portfolio companies such as technology giant Alibaba, but a Beijing-based limited partner said the young partner, who is under 30, has earned his stripes. Prior to Boyu, Mr. Jiang worked in Goldman Sachs Group Inc. GS -0.32%'s private equity department as an analyst and graduated from the economics department of Harvard University.
That said, the Hong Kong-based lawyer noted Mr. Jiang is on the "young side" for a partner.
The Jiang family's history has been long intertwined with that of current Chinese president's Xi Jinping's family, dating at least back to the Cultural Revolution era, and Xi Jinping himself owed one of his early political promotions to Jiang Zemin's patronage.
Another well -known PE firm founded by a family member of China's political elite is New Horizon Capital, which was set up by Wen Yunsong, the son of former Premier Wen Jiabao, in 2005. Hong Kong- and Beijng-based New Horizon came under the spotlight last year after government officials from southwestern Chinese city Chongqing, who answered to shamed politician Bo Xilai, sold shares of a state-run grocery and electronics chain to an investment group led by New Horizon, the Wall Street Journal reported at that time.
The investment group effectively became a partner of the Chongqing government in the retail business.
Sonja Cheung
But Boyu Capital, which counts among its partners Alvin Jiang, the grandson of elder political statesman Jiang Zemin, has won praise from investors and is expected to quickly attract capital for its second fund, which it plans to launch later this year with a $1.5 billion target. One Beijing-based limited partner also pointed to the pedigrees of the firm's four other partners as a testament to the firm's professionalism.
Boyu's co-founders include Mary Ma, who previously worked as a managing director of TPG Capital's Asian arm, former Ping An Insurance 601318.SH -1.19%(Group) Co. president Louis Cheung and Sean Tong, a former managing director at Providence Equity Partners.
Mr. Tong didn't respond to an interview request. Reuters first reported the fundraising efforts.
It's unclear if Boyu has exited any investments made from its first fund or produced any distributions to investors, which include Singapore's Temasek Holdings. Regardless, one lawyer said the firm stands to receive a windfall as portfolio company, Alibaba Group Holding Ltd., China's biggest e-commerce company, which contemplates listing shares either in the U.S. or Hong Kong sometime this year at the earliest.
The e-commerce giant could garner a $100 billion valuation post-offering, former Alibaba.com head David Wei said, as reported by the Wall Street Journal's China Real Time Report. Boyu, alongside investors including China Investment Corp., Citic Capital and China Development Bank acquired a 5.6% stake in Alibaba last year.
Boyu's first fund closed on $1 billion and secured more than $200 million in commitments in less than six months, Private Equity Analyst reported mid-2011. The firm invests in China-focused growth equity deals, in sectors that include e-commerce, retail and financial services.
Alvin Jiang's political ties have undoubtedly helped Boyu's investment into portfolio companies such as technology giant Alibaba, but a Beijing-based limited partner said the young partner, who is under 30, has earned his stripes. Prior to Boyu, Mr. Jiang worked in Goldman Sachs Group Inc. GS -0.32%'s private equity department as an analyst and graduated from the economics department of Harvard University.
That said, the Hong Kong-based lawyer noted Mr. Jiang is on the "young side" for a partner.
The Jiang family's history has been long intertwined with that of current Chinese president's Xi Jinping's family, dating at least back to the Cultural Revolution era, and Xi Jinping himself owed one of his early political promotions to Jiang Zemin's patronage.
Another well -known PE firm founded by a family member of China's political elite is New Horizon Capital, which was set up by Wen Yunsong, the son of former Premier Wen Jiabao, in 2005. Hong Kong- and Beijng-based New Horizon came under the spotlight last year after government officials from southwestern Chinese city Chongqing, who answered to shamed politician Bo Xilai, sold shares of a state-run grocery and electronics chain to an investment group led by New Horizon, the Wall Street Journal reported at that time.
The investment group effectively became a partner of the Chongqing government in the retail business.
Sonja Cheung
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