China's AlphaX raises $270m venture capital fund

LPs include European and North American endowments and family offices, Chinese corporates such as Jiahao Group, Focus Media, and Qihoo 360 Technology, as well as CreditEase, Zero2IPO Group. Further support came from government guidance funds. A smaller strategic fund is expected to follow that will take the total past $300 million.

AlphaX said in a statement that it targets investments that involve emerging technologies, education, consumer upgrades, and the application of internet strategies in traditional industries. It has already backed 12 companies, including Gaosi Education, which runs K-12 afterschool teaching programs, PMCaff, an online community for project managers, and live-streaming platforms Chushou TV and KilaKila.

Thor’s co-founders are AlphaX are Yaping Yao, another Highland alumnus, and Guangdong Yu, who was part of the founding team at Qihoo. Thor led Highland Capital’s investments in Qihoo prior to its IPO in 2011 and participated in the company’s $9.3 billion privatization five years later. The business re-listed in Shanghai in 2017 through a reverse merger. 

Thor established Highland Capital’s China operation in 2007 and left to form AlphaX in 2016. It is the second spin-out from a global firm to close a fund this year. Last month, Ron Cao, who previously launched Lightspeed Venture Partners in China, raised $200 million for his debut US dollar fund at Sky9 Capital.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• Greater China
• Venture
• Renminbi fund
• Technology
• GPs
• Fundraising
• China
• TMT
• AlphaX Partners