US buyout giant Carlyle Group will partner with Shanghai Fosun High Technology (Group) Co Ltd to create a yuan-denominated fund that will focus its investments on rapidly expanding companies in China.

Headquartered in Shanghai, the Fosun Group is one of the largest private-owned conglomerates in China.

Brian Zhou, Carlyle's China spokesman, told China Daily yesterday that the new fund is ready to begin disbursing $100 million into various investment projects.

There are no specific sectors or industries that the fund would seek to invest in, he added.

"In terms of where to invest, there are no sector limitations. We're particularly interested in emerging companies that are privately owned. These companies should be reporting high-growth and be expanding both at home and abroad," he said.

He added that the average holding time for companies ranges anywhere from four to six years or longer, as opposed to the traditional investment period in the private equity industry of between three and five years.

Past performance, business potential and the right management team are important criteria for the fund before it decides to invest, he said.

These high-growth companies should be seeking out best practices in management, talent requirements, exposure to international resources and corporate governance.

"They are not looking for cash because they have it. They are searching for value to enhance their businesses," he said.

"We look forward to long term value-added and socially responsible investments. Carlyle can share its global experience, introduce talent and suitable partners, assist with branding, networks and broaden the access of these companies into the international playing field," Zhou said.