IFC commits $25m to SBCVC's fifth China fund
The International Financial Corporation (IFC), the private investment arm of the World Bank, plans to invest $25 million in the latest fund raised by SBCVC, previously known as SoftBank China Venture Capital.
SBCVC Fund V, which was launched in December last year, has a target of $400 million and a hard cap of $475 million. The new fund will support around 40 Chinese companies looking to grow and gain access to international capital markets, IFC said in a disclosure. It will typically focus on middle-market technology companies.
SBCVC was set up in 1999 and has since launched five US dollar-denominated funds. SoftBank initially provided the bulk of the LP commitments but it accounts for less than 20% of the latest $400 million fund. The VC is now an independent manager that is affiliated to SoftBank.
The firm closed its debut US dollar fund at $100 million in 2000, and raised $151.6 million for its second fund in 2006. SBCVC Fund II-Annex, a $43 million annex fund, was raised in 2006 to make follow-on investments in portfolio companies in Fund II. The GP closed its third fund at $320.4 million in 2008 and raised $386.7 million for a fourth fund in 2011.
SBCVC targets investments in tech, media and telcom, cleantech, healthcare, consumer and retail, and advanced manufacturing companies across all stages of development. It has backed over 100 companies since 2000.
Recent investments include Chinese online education platform Xuexibao and mobile healthcare service provider Shanghai KingYee.
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