CHEVY CHASE, Md.--(BUSINESS WIRE)--Private equity firm Global Environment Fund (GEF) announced that one of its portfolio companies, Duoyuan Global Water Inc. (NYSE:DGW), has completed its initial public offering on the New York Stock Exchange of 5.5 million American Depository Shares, raising $88 million. Duoyuan is a leading China-based domestic water treatment equipment supplier. Prior to the IPO, GEF was the only outside investor in Duoyuan.

Founded in 1992, Duoyuan offers a comprehensive set of more than 80 complementary products in the areas of circulating water treatment, water purification, and wastewater treatment.

Jeffrey Leonard, CEO of GEF, noted, “Duoyuan represents a prime example of the type of clean technology companies in which GEF has invested over the past 20 years – proven technology, great management, growing organically to capture rapidly expanding local environmental and renewable energy markets.”

Steve Park, Duoyuan’s CFO, stated, "We are pleased to have worked with GEF – their management expertise and sector knowledge created unparalleled value for our company leading up to this critical point of accessing the U.S. capital markets to pursue our growth strategy."

About Global Environment Fund

Global Environment Fund (GEF) is a Chevy Chase, Maryland-based private equity firm founded in 1990 investing in emerging markets, clean technology, energy efficiency, and timberland in emerging markets. The firm manages over US$1 billion in private equity investments for institutional investors, including university endowments, foundations, fund-of funds, family offices, pension funds, and international finance institutions. GEF was recently selected as the winner of the Financial Times Sustainable Investor of the Year. www.globalenvironmentfund.com

About Duoyuan Global Water Inc.

Duoyuan Global Water Inc. (Duoyuan) is a leading water treatment equipment supplier in China. Duoyuan’s products address the key steps in the water treatment process, including circulating water treatment, water purification, and wastewater treatment. As one of the first privately-owned Chinese companies to supply water treatment products in China, and with one of the largest domestic distribution networks for water treatment equipment, Duoyuan has a broad end-user customer base that includes wastewater treatment plants, water works facilities, manufacturing plants, commercial businesses, residential communities, and individual customers. Duoyuan believes its existing market presence and extensive distribution network provide proximity to end-user customers and responsiveness to local market demand. http://www.duoyuan.com.cn