China: Fang Fenglei collaborates with Temasek in private equity fund

Fang Fenglei: a different league

Goldman Sachs’s once invincible China team wobbled and spluttered in early December when it was announced that Fang Fenglei, the ambitious investment banking rainmaker who heads the US bank’s mainland joint venture, was setting up a $2 billion private equity fund in collaboration with Temasek. The Singaporean state-owned investment company will contribute exactly half the fund’s original paid-up capital, with global investors pouring in the other $1 billion, including Goldman Sachs itself.