Chinese online retailer JD.com has formed an M&A fund with Hong Kong-listed clothing producer and retailer Cosmo Lady. The target size is RMB1 billion ($159 million).
Baidu Ventures, an independent VC firm set up by Chinese internet player Baidu, has achieved a first close of more than RMB2 billion ($318 million) on its second renminbi-denominated fund that focuses on artificial intelligence (AI).
Legend Star, the early-stage investment arm of China’s Legend Holdings, has closed its third VC fund at RMB800 million ($127 million).
China’s 6 Dimensions Capital, which was formed through the merger of WuXi Healthcare Ventures and Frontline BioVentures, has raised approximately $844 million for its debut healthcare fund.
China Renaissance has reached a first close of RMB4 billion ($604 million) on the third renminbi-denominated fund raised under its flagship Huaxing Growth Capital arm. A final close of up to RMB6 billion is expected in early 2018.
Longstand Capital, a Chinese PE fund manager, has accused industry counterpart Beijing Dabai Huicai Investment Management of taking capital intended for investment in SF Express, China’s largest express delivery services provider, and putting it into...
Phoenix Travel Group, a China-based travel services provider, has raised a RMB700 million ($105 million) Series C round led by CITIC Capital, Haier Capital, Legend Holdings and Legend Capital.
Qingsong Fund, a Chinese VC firm formed by Alvin Liu, an angel investor and co-founder of Tencent Holdings, has closed its third renminbi-denominated fund at RMB850 million ($129 million).
PAG Asia Capital is raising a $500 million China growth fund, which will enable the firm to target middle-market deals that fall below the minimum check size for its pan-Asian vehicle.
Project funds have become popular in China on the back of increased demand for PE exposure from corporates and high net worth individuals. It remains to be seen if they have true staying power
China and Russia have agreed to invest about $10.5 billion in two cross-border development funds as part of the One Belt One Road (OBOR) initiative.
CITIC Capital Partners has closed the US dollar-denominated portion of its latest China fund at the hard cap of $1.57 billion after about one year in the market. The renminbi tranche is still being raised, with a target of RMB3 billion ($439 million).
Lightspeed China Partners has closed its first renminbi-denominated venture fund at RMB600 million ($87 million).
China Aerospace Science & Technology Corporation (CASC) has launched a RMB150 billion ($22 billion) fund with a group of state-owned enterprises (SOEs) to invest in new technologies.
Yi Capital, a Beijing-based VC firm founded by two former partners at CDH Investments, has closed its debut renminbi-denominated fund at RMB800 million ($116 million).
Source Code Capital, a Chinese VC firm founded by Yi Cao (pictured), a former partner at Sequoia Capital, has closed its third US dollar-denominated technology fund at $260 million.
Wei Zhou (pictured), formerly a managing partner at KPCB China, has launched a new VC firm – China Creation Ventures – and closed his debut renminbi-denominated fund at RMB1.5 billion ($220 million).
The Tianjin government is looking to raise RMB100 billion ($14.5 billion) for a renminbi-denominated fund intended to stimulate private investment in pillar industries such as high-end manufacturing, information technology and aerospace.
Banyan Capital has raised more than RMB5 billion ($725) million across two China-focused venture capital funds – one US dollar-denominated and the other in renminbi.
Morningside Venture Capital, a China-focused early-stage VC firm that used to manage only US dollar-denominated funds, has closed its first renminbi vehicle at RMB1 billion ($143 million).
Guangzhou Industrial Investment Fund Management, an investment arm of the Guangzhou government, has partnered with China Reform Holdings and Shanghai Pudong Development Bank to launch a state-owned enterprise (SOE) restructuring fund with a target size...
A resurgence in renminbi fundraising has prompted GPs best known for US dollar funds to enter the local currency market. Addressing conflicts of interest in an increasingly complex industry will prove difficult
An investment unit of Chinese conglomerate CITIC Group has launched a RMB6 billion ($873 million) buyout fund that focuses on China's education sector.
The launch of several huge government-backed funds has skewed renminbi-denominated fundraising in China. What does their arrival mean for valuations and for the nascent independent LP community?