The Carlyle Group has agreed to invest approximately $115 million for an 18.54% stake in JIC Leasing. The transaction, which is subject to customary closing conditions including required regulatory approvals, is expected to close in the second half of 2015. Equity for the transaction will primarily come from Carlyle Asia Growth Partners IV.

“Carlyle is excited to participate in the reform of a state-owned enterprise (SOE) in an attractive sector with strong growth momentum,” said Wayne Tsou, managing director and co-head of the Carlyle Asia growth capital team. “We are impressed by JIC Leasing’s capable management team and its winning strategy of combining its strong SOE background with market-oriented business practice and process.”

JIC Leasing is a subsidiary of China Jianyin Investment founded in 1989 in Beijing. It targets three core verticals for its leasing portfolio: information technology, advanced equipment manufacturing and healthcare, environment and alternative energy.

“We are pleased to partner with Carlyle to further grow and diversify our business at home and abroad,” said Chen Youjun, board chairman of JIC Leasing. “JIC Leasing expects to benefit from Carlyle’s international brand equity, global resources and strong industry expertise in the financial sector and business management.”

Carlyle, which is a global alternative asset manager with $193 billion of assets, has invested approximately $5.9 billion of equity in 80 transactions in China as of March 31, 2015.