Updated Saturday, August 15, 2009 2:27 pm TWN, Bloomberg

Blackstone said to plan equity fund with Shanghai

NEW YORK -- Blackstone Group LP, the world's biggest buyout company, plans to form a yuan-denominated private equity fund with the Shanghai government to invest in Chinese companies, according to an official from the Shanghai Pudong government financial services division. The government signed a memorandum of understanding with the New York-based buyout fund Friday and plans to make an announcement as early as Friday, the official said, asking not to be identified before it becomes public. Peter Rose, a New York- based spokesman at Blackstone, couldn't immediately be reached for comment.

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