China's Oceanpine reaches $200m first close on Fund II

LPs include Asian insurance companies and asset managers, as well as corporates, entrepreneurs, and family offices. Fundraising began in December of last year.

This is the first time Oceanpine has sought funding from external LPs since its inception in 2016. That year, the firm set up its $400 million debut fund using internal capital. Founder Dave Chenn, who previously established China Century Group in 2005, has participated as an LP in 15 technology-focused venture capital and private equity funds. 

Oceanpine claims to have invested more than $500 million across about 20 projects. Among them are computing-power specialist Enflame Technology, Ausun Biopharma, Horizon Robotics, and US analytics platform TigerGraph. Fund I is fully invested and has secured two full exits and two IPOs.

Chenn is targeting an IRR of more than 30% for Fund II, which will follow the technology-focused remit of its predecessor. About $100 million has already been deployed across six deals, including a Series B for Enflame, drug developer Apexigen, IT provider Piaoyitong, and chip software supplier ARM China. Three companies are expected to list this year or early next year. 

Oceanpine aims to differentiate itself through strategic cooperation funds established with portfolio companies. These include the Horizon-Oceanpine Artificial Intelligence Ecological Fund, Piaoyitong Enterprise Service Fund, and Beidou-Oceanpine High-tech Fund. 

"On the one hand, we can increase M&A exits through these funds; on the other hand, these funds can help us find high-quality projects in upstream and downstream industry supply chains," Chenn told AVCJ.

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• Topics
• Greater China
• Fundraising
• Technology
• Venture
• China
• Oceanpine Capital