Unicorn raises $250m for second China fund-of-funds
China-focused venture capital fund-of-funds Unicorn Capital Partners has closed its second fund at the hard cap of $250 million.
The vehicle launched with a target of $200 million and had a first close with institutional capital in mid-2017. While this is officially Unicorn's second fund, it is the third pool of capital raised by the manager. Unicorn accumulated a small corpus of around $60 million from a handful of anchor LPs shortly after it was established in 2015 before embarking on a full fundraise.
The debut fund closed in December 2015 with $210 million in commitments. This capital has been put to work in a combination of primary and secondary investments. Unicorn claims to provide access to innovation and new economies in China and Asia by partnering with leading and emerging venture capital fund managers.
The firm was founded by Tommy Yip, who served as head of AVCJ Research before joining Emerald Hill Capital Partners at its inception in 2005 and remaining through early 2015. He was head of North Asia.
The other founding partners at Unicorn are Kah-Fai Low, a former founding member of Singapore-based Asia-focused fund-of-funds Eagle Asia Partners, and Fan Bao, founder and CEO of China-focused technology investment and advisory firm China Renaissance.
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