USRG-Shanghai Renewable Energy Fund I, (USRG-Shanghai) is a joint venture between USRG and Shanghai Industrial Investment (SIIG), a large Chinese state-owned investment group. USRG will be the managing partner and will serve and chair the investment committee.
Working between the US and China, the fund will invest in opportunities that leverage US-based cleantech companies and technologies that have direct application to the growing needs of the Chinese marketplace.
The joint fund management company between USRG and SIIG is unique in that (1) it provides a streamlined process for US-based companies to engage and work efficiently with Chinese state-owned enterprises (SOEs), (2) accelerates the implementation of Chinese Premier Li Keqiang’s recently announced "war on pollution" and (3) enables US-based companies a more transparent and secure way to bring their intellectual property into the fastest growing cleantech market in world. It is also the only private equity cleantech fund that has received Qualified Foreign Limited Partner (QFLP) approval, enabling foreign limited partners to invest alongside the USRG-Shanghai fund and large Chinese SOE partners.
"After three years of working with SIIG and the Shanghai municipal authorities, we are very pleased our license has been granted and SIIG will act as the anchor investor in the fund," said USRG Managing Partner Jim McDermott. "As the first US-based renewable manager to be granted an RMB-denominated private equity license in Shanghai, we look forward to working with our SOE partners, entrepreneurs throughout the region and US cleantech companies to bring sustainable technologies to the Chinese marketplace."
The USRG-Shanghai fund will have offices in Shanghai’s Pudong District and will be headquartered in Santa Monica, California. Dr. Kefu Fu will act at the general manager and together with Jim McDermott, Lee Bailey and SIIG will serve as investment committee members.
