China-based diversified conglomerate Bloomage International Group has anchored a culture and sports-focused fund with a RMB10bn ($1.43bn) target for its close.
Alan Asset Management Company (Alan AMC), an investment firm formed in 2016 by financial services firm Hana Financial Group’s Hana Bank and Hana Financial Investment subsidiaries together with women’s apparel brand Lancy, is also a cornerstone investor.
Bloomage was founded in 1989 and operates in two main business areas: culture and sports, and cosmetics and healthcare.
The company’s asset portfolio includes sports stadiums such as Wukesong Arena (also known as Cadillac Centre), where 2008 Summer Olympics basketball games took place and where ice hockey will be hosted in the 2022 Winter Olympics.
The vehicle will seek out investment opportunities in top-tier cities in China, leveraging Alan AMC’s fund management and fundraising know-how and Bloomage’s brand and operational experience in the culture and sports sector.
An additional strategic partnership will involve Bloomage helping Alan AMC strengthen its real estate focus for its alternative asset management businesses, which include mezzanine and credit investing, and equity and industrial investments.
