Meridian Capital seeks $307m for China VC fund
Meridian Capital, a Chinese technology-focused venture capital firm, is looking to raise RMB2 billion ($307 million) for its latest renminbi-denominated fund.
The vehicle - 825 Fund Two - has secured anchor commitments from Shanghai United Media Group, fund-of-funds Oriza Holdings and Gopher Asset Management, a private equity arm of Noah Holdings.
Meridian launched the RMB1.2 billion 825 Fund One in August 2014 with the same group of investors. The fund series is named after Shanghai United Media Group's Shanghai-listed subsidiary Xinhua Media, of which the stock code is 600825.
Leveraging Shanghai United Media's existing network, the new fund will make early-stage investments in the internet, new media, information technology and other related industries, with a focus on Series A rounds. It will also look for opportunities in industry consolidation and M&A activity for its existing portfolio companies, Meridian told local media in a press conference.
Fund I has invested RMB1 billion in 59 Chinese companies, including new media website Jiemian, WeChat-based customer relationship management (CRM) app Weimo, and crowdfunding site Kaistart.
Meridian was founded in 2008 by David Shong, formerly an investment director at IDG Capital Partners. The firm has RMB5 billion in assets under management across four renminbi-denominated funds and two Singapore dollar funds.
More on Greater China
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.