29th May 2007 09:14
London Asia Chinese Private Equity29 May 2007 29 May 2007 London Asia Chinese Private Equity Fund Limited ("LACPEF" or "the Fund") Sale of Investment Award Win LACPEF, the China focused investment fund, has sold its entire holding inSingapore listed Devotion Energy Group Ltd for net proceeds of £3.1 million,following the Funds investment of £1.4 million in November last year. Theprofit of approximately £1.7 million represents a return of over 120% in lessthan 6 months. The Fund is delighted to announce that it won the 2007 Achievement Award for'Best Private Equity Fund Launch' from leading Asian asset management industrypublication Asian Investor. Simon Littlewood, Executive Director of the Fund commented: "This exit hasgenerated a very healthy return for the Fund. Whilst we continue to maintainour belief in Devotion's business model and management, the recent strong risein Devotion's share price and the large number of new opportunities the Fund iscurrently working on, led to the decision to dispose of our entire holding inDevotion. "We are delighted to have won this award, given the stiff competition from thelarge number of new Asian private equity funds launched in the last year." For further information please visit www.londonasiafunds.com or contact: John West/Andrew Dunn Simon Littlewood Hugh Field Tavistock Communications London Asia Capital Collins Stewart Europe LimitedTel: 020 7920 3150 Tel: 020 7355 7928 Tel: 020 7523 8000 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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