China New Oriental CEO launches $32m angel fund
Michael Yu, co-founder and CEO of New Oriental Education & Technology Group, has partnered with Xitai Shen, a former CEO of Huatai United Securities, to launch a RMB200 million ($32 million) angel investment fund.
The fund, Angel Plus, has attracted 21 individual investors, including SAIF Partners founder Andrew Yan, IDG Capital Partners co-founder Xiaoge Xiong, and Hillhouse Capital Management CEO Lei Zhang.
The fund will focus on investing in entertainment, healthcare, education and mobile technology-related industries over the next two years. It has selected eight companies in which to invest and will commit RMB3-5 million per deal.
Although angel investment is still at its nascent stage of development in China, it will follow the patterns seen in overseas markets, Shen said in a press conference. This includes the line between angle and Series A rounds becoming blurred as angel investment becomes more institutionalized.
Yu said he will leverage its personal relationships and industry experience to help entrepreneurs. He previously invested in ZhenFund, an angel investment fund launched by Xiaoping Xu, another co-founder of New Oriental, and Sequoia Capital.
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