China's Gaocheng secures $300m for debut US dollar fund
Gaocheng Capital, a China-focused private equity firm established in 2018 following a spin-out from Hillhouse Capital, has closed its first US dollar-denominated fund with $300 million in commitments.
The GP now has more than RMB4 billion ($560 million) in assets under management across US dollar and renminbi strategies. It targets growth capital investments related to technological innovation and enterprise services.
Gaocheng was founded by Jing Hong, previously a partner at Hillhouse and before that a managing director at General Atlantic. Other partners include Wei Cai, formerly a partner at Baidu Capital and Baidu Venture Capital. Cai has also worked for Goldman Sachs.
Among the LPs in the new fund are university endowments, charitable foundations, sovereign wealth funds, pension funds, family offices, and insurance companies.
“LPs are optimistic about the opportunities in China’s technological development and in the digital transformation of enterprises. We will help Chinese B2B entrepreneurs build world-class services with patience, focus, and professionalism,” Hong said in a statement.
Since its inception, Gaocheng has led investments in artificial intelligence start-up Yitu Technology, e-commerce service provider Youzan, cybersecurity company Baironginc, accounting services specialist Huisuanzhang, mobile security solutions start-up Zhizhangyi, and big data player Smartbi.
Most recently, the firm backed 51CTO, an IT platform that switched from online media to online training, securing itself a sustainable future in the process. Gaocheng led a $20 million Series C round for the company.
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