BlueFive Capital Takes GP Role in CICC–HBIS Investment Fund

BlueFive Capital, a global investment platform with strong roots in the Middle East and an international reach, has been appointed as the inaugural General Partner (GP) of a newly established Fund of Funds sponsored by CICC Capital and HBIS Group. CICC Capital is the private equity arm of China International Capital Corporation (CICC), while HBIS Group is one of China’s largest steelmakers and a major industrial conglomerate.

The Fund of Funds is designed to support HBIS Group’s long-term industrial strategy by deploying capital through a diversified mix of fund investments and selective direct investments. These investments will focus on both traditional core industries and high-growth emerging sectors, including advanced materials, new energy solutions, and next-generation information technology. The fund is also mandated to pursue cross-border opportunities that can accelerate HBIS Group’s global expansion and technological upgrading.

Targeting a total fund size of RMB32 billion (approximately $4.58 billion), the Fund of Funds will operate over a 15-year term. Its investment strategy is anchored in supporting industrial transformation, fostering innovation, and promoting high-quality and sustainable development aligned with China’s evolving industrial priorities.

Structurally, the fund is built around three key pillars. The first pillar emphasizes deep industry–finance integration, ensuring that capital deployment closely supports real-economy industrial needs. The second pillar focuses on cooperation between central and local stakeholders, strengthening collaboration with regional governments to unlock localized industrial opportunities. The third pillar centers on cross-border connectivity, creating a platform that links domestic and international capital with global industrial resources and expertise.

As General Partner, BlueFive Capital will work in close partnership with leading industrial players, financial institutions, and local stakeholders to ensure disciplined governance, robust execution, and long-term operational success of the fund.

The Fund of Funds was officially inaugurated last month at a ceremony held at HBIS Group’s research and development center. The event was attended by senior leaders including Sheikh Mubarak Al-Sabah, Vice Chairman of BlueFive Capital; Chen Liang, Chairman of CICC; and Liu Jian, Chairman of HBIS Group.

Commenting on the appointment, Hazem Ben-Gacem, Founder and Chief Executive of BlueFive Capital, said that the firm is confident in China’s long-term economic prospects and sees meaningful opportunities to support HBIS Group’s international expansion. He highlighted particular potential in high-end manufacturing and new building materials, noting that the Fund of Funds will play a critical role in identifying high-quality investment opportunities both within China and globally, while advancing industrial upgrading and sustainable growth.