PCCW to invest $25m in Vision Knight Capital
PCCW, Hong Kong’s biggest telecommunications operator, said in a statement to the Hong Kong Stock Exchange that it may invest as much as $25 million in Vision Knight Capital, a private equity fund co-founded by David Wei, former CEO of Alibaba.com.
Established in the Cayman Islands, Vision Knight Capital Fund I is seeking as much as $300 million in capital from its partners to invest in securities, including debt and equity. The LPs are all family offices of entrepreneurs in China, Hong Kong, Singapore, Taiwan and Europe - including Jack Ma, founder of Alibaba Group and Wei's former boss. These entrepreneur backers will contribute their own expertise to Vision Knight's operations, Wei told AVCJ in March.
Wei started his own private equity fund after leaving Alibaba.com last February when the company disclosed that some international buyers were defrauded by suppliers on its website. In November, billionaire Richard Li-owned PCCW added Wei as a director.
The GP will eventually commit 2.5% of the total commitments, assuming the latter amounts to $200 million or less, or 2% of the total commitments if more than $200 million is raised.
In March, Vision Knight invested in Allyes Group, a Chinese online media service provider. The deal was the largest single investment made by the private equity player since its inception. Last year, PPStream, a Chinese online video software, also received $28.6 million in backing from PCCW and Vision Knight Capital.
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