Sequoia to invest $52m in China's Gopher Asset Management
Sequoia Capital China has agreed to invest RMB348 million ($51.7 million) in Gopher Asset Management, the alternative asset management unit of China’s Noah Holdings.
The commitment is expected to help Gopher extend its product capabilities both domestically and internationally to better serve Chinese high net worth and institutional clients, Neil Shen, founding and managing partner of Sequoia Capital China, said in a statement.
Founded in 2010, Gopher develops and manages fund-of-funds across private equity, real estate, hedge funds, and credit products. As of the end of June, is total assets under management (AUM) reached RMB101.2 billion.
Shanghai-headquartered Noah is listed on the New York Stock Exchange and counts Sequoia Capital, which first invested in the company in 2007, among its shareholders. The company, which also has an office in Hong Kong, distributes wealth management products that are originated in China, including fixed income products and private equity funds.
In 2014, Noah and Sequoia participated in a Series B round of funding for PPDai, which claims to be China's first and largest peer-to-peer lending (P2P) platform. Noah then developed its own internet finance platform, known as Shanghai Noah Yijie Financial Tech, to provide financial products and services to Chinese high net worth individuals and enterprise clients. Last year, Sequoia invested in the online subsidiary.
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