After raising 9 billion yuan ($1.32 billion), Mianyang Private Equity Fund - the largest renminbi investment fund in China began operation, focusing primarily on finance, consumption, raw material, and machinery manufacturing.

　　Since entering the market in 2006, renminbi funds performed subparly. This was because management teams were tasked with the difficult job of finding balance between the government and the market. But many believe that the all-star management executives backed by acclaimed Liu Lefei and Wu Yibing will out-perform others in their field. Like the majority of renminbi funds, Mianyang Fund has a strong state background; its biggest share holder is China抯 largest investment company, CITIC Securities.