Vision Knight closes second China fund at $550m
Vision Knight Capital, a PE firm co-founded by former Alibaba.com CEO David Wei, has reached a final close on its second fund at the hard cap of $550 million.
The fund, Vison Knight Capital Fund II, spent just four months in the market, attracting global institutional investors, including sovereign wealth funds, pension plans, endowments and foundations, financial institutions and family offices.
"It is the best recognition of our past performance and the support from our existing and new investors," the PE firm said in a statement.
PCCW, Hong Kong's biggest telecom service operator, said in a regulatory filing that it will commit up to $5 million to the new fund. It invested about $25 million in Fund I, which closed at $250 million in 2012.
The new fund will continue its predecessor's strategy of investing in the internet, e-commerce and retail sectors.
Wei set up Vision Knight after leaving Alibaba.com in 2011. He resigned after it emerged that some international buyers had been defrauded by suppliers using the B2B platform.
Notable investments from Fund I inlcude NetDragon Websoft's 91 Wireless, a Chinese mobile app store and game operator. The unit was soon sold to Baidu for $1.85 billion in what was the largest internet transaction in 2013. PCCW was also an investor in the business.
The PE firm is an investor in PPS online video business, which was also acquired by Baidu, and 500.com, a Chinese online sports and lottery provider that went public in the US last year.
Other portfolio companies include 8trip, a Chinese B2B online travel website, Shenzhen Agricultural Products Exchange Centre, Allyes Online Media, Shanghai Cartelo Apparel, and human resource outsourcing provider CTG.
Kirkland & Ellis acted as fund formation counsel for Vision Knight Fund II.
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