Hangzhou-based e-commerce company Alibaba Group said Monday that it has invested $2 billion to establish a fund management company that will be led by Libra Capital founder and former CEO Xiong Xiong and target the secondary market, reports Sina.Established in late 2007, Libra Capital was later wholly acquired by Alibaba Group. Prior to founding Libra Capital, Xiong managed a $400 million A-shares fund as director of Goldman Sachs Asset Management's research division and the company's Shanghai office representative.
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