The Lin-gang Special Area Administration of Shanghai signed a strategic cooperation agreement with the subsidiary that ShoreVest Partners Limited set up within the area on Nov 28.

Harnessing Lin-gang's strengths in openness and institutional innovations, the two parties will carry out close cooperation in building an equity investment ecosystem and empowering the substantial economy through financial innovations.

Representatives of Lin-gang Special Area Administration and ShoreVest Partners sign an agreement on equity investment. [Photo/WeChat ID: shlgguanweihui]

ShoreVest Partners has been a specialist in asset backed opportunistic credit in China since 2004. Its team has managed over $2 billion in distressed debt and special situations in China on behalf of institutional investors, including sovereign wealth funds, pension funds, foundations, endowments and family offices from around the globe.

In late September, ShoreVest Partners set up a subsidiary in the Lin-gang Special Area with registered assets of $2 million. The company recently received approval to establish a Qualified Foreign Limited Partnership (QFLP) fund with a quota of about $80 million.

By virtue of Lin-gang's advantages in the QFLP pilot program, ShoreVest will introduce overseas funds for domestic equity investments, enhancing the area's global financial resources.