Dutch asset manager Robeco has received approval to set up a private equity joint venture in China, in what is the latest among a series of headways into the Asian region, the Asian Investor reports.

The National Development and Reform Commission had given its go signal for the Robeco Teda Sustainable Private Equity Fund to begin operations in December, paving the way for the company to also be reviewed for investment by China-based pension funds, insurance firms, and government funds, the news service said.

The approval marks a milestone for the firm; Robeco is the only NDRC-approved fund that centres on sustainability and clean technology, and the only one that has overseas investments.

The move is in addition to the other funds it is setting up in other parts of Asia. In September 2009 the company established a securities investment consulting enterprise in Taiwan, while in August it opened an office in South Korea. It is also currently looking to sign more local fund deals in Southeast Asia, particularly in Hong Kong.

Robeco already has existing relationships with global private banks, insurance firms and retail banks, Francis Chang, Robeco Asia Investment Centre chief executive for Greater China and Southeast Asia, was quoted as having said. The company said it is interested in tapping the institutional market, especially government institutions and sub-advisory units.