China’s Chenhui Capital, Lancy Group launch Sino-Korean fund
Chinese GP Chenhui Venture Partners have teamed up with one of its LP – Shenzhen-listed company Lancy Group – to create a Sino-South Korea PE fund that will invest in consumer and technology companies.
The vehicle - Chenhui Lancy Sino-Korea consumer internet fund - has a target of RMB600-800 million ($91-$121 million), according to a filing. Lancy Group, which manufacturers women's apparel, has agreed to commit RMB100 million to the fund, while the remainder will be raised by Chenhui Ventures.
The fund will take minority and majority stakes in Chinese and Korean companies operating in the consumer and technology, media and telecom (TMT) sectors. The acquired assets should have business synergies with Lancy Group, with a view to supporting the company's transformation of its business operations.
Lancy Group has previously invested in Korea-based Agabang & Company, L&P Cosmetic and Dream Medical Group. Revenue came to RMB1.14 billion last year, up from RMB1.24 billion in 2014, while net profit fell from RMB51.85 million to RMB33.21 million during the same period.
Chenhui Ventures is an early-stage venture fund founded by Xiaoping Yan, formerly a partner at CDH Ventures and Shenzhen Fortune Capital. The firm closed its debut growth-stage M&A fund at RMB1 billion, receiving LP commitments from the likes of Lancy Group, Shanghai Pudong Software Park and China International Capital Corporation (CICC).
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