In July 2014, Chinese President Xi Jinping announced the commitment of $5 billion to form China-LAC Cooperation Fund while visiting Brazil. In April 2015, the State Council decided to increase the size of the fund to $10 billion.  China-LAC Cooperation Fund was officially launched in January 2016. It is a private equity investment fund with the geographic focus on Latin America and Caribbean area, as well as industrial focus including infrastructure, traditional energy, renewable energy, agriculture, mining, manufacturing, information technology, and medical care. As a limited partnership, the fund is registered in Cayman Islands and its advisory company is head-quartered in Beijing, China. CLAC Fund and its GP, ESLA, are limited partnerships registered in the Cayman Islands. The management company for the fund, MANCO, was registered in Hong Kong. MANCO carries out its daily duties through its advisory company in Beijing. The capital of the fund is mainly provided by China Exim Bank.