AVCJ

Tsing Capital targets $300m for China environment fund

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Tsing Capital, a Chinese venture capital firm focused on environmental technologies, has launched its fifth flagship fund with a target of $300 million.

According to a filing, China Environment Fund (CEF) V has received a $5 million LP commitment from Hong Kong-listed environmental and construction services company New Concepts Holdings, which is in turn 11% controlled by CEF IV. That vehicle closed at $350 million in 2013, AVCJ Research's records show.

CEF V will continue the holistic investment focus of its predecessor funds by combining traditional environmental technologies such as waste management systems with cleantech plays including power storage and emerging internet-connected fields that emphasize energy efficiency. The GP is marketing the mandate as “sustaintech.”

Founded in 2000, Tsing claims to be China’s first fund manager dedicated to multi-disciplinary sustainable technology investment in China and globally.

In addition to its growth stage-focused CEF vehicles, the firm recently launched a Smartech Innovation Fund, which targets early-stage companies in areas such as internet-of-things (IoT) and artificial intelligence. Recent activity includes Chinese IoT companies Sensoro and IngDan as well as US electric car developer Lucid Motors.

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