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ZWC hits $400m first close on China fund

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  • Larissa Ku
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Chinese venture capital firm ZWC Partners has completed a first close of $400 million on its second US dollar-denominated fund. The full target is $450 million.

The GP, founded in 2015, has more than $1.5 billion in assets under management. This includes a debut US dollar vehicle of $150 million and various project funds raised over the years. ZWC is also currently marketing a renminbi fund. 

Two-thirds of the first close commitments for Fund II came from existing LPs. The strategy is to concentrate on early and growth-stage start-ups specializing in industrial internet and new consumer. A portion of the corpus has also been earmarked for deployment in Southeast Asia.

Last year, ZWC participated in an $8.5 million Series A round in Ritase, an Indonesian technology provider for the trucking industry. In 2020, the firm has backed talkbot Wiz.Ai, which is Southeast Asia-focused but was established by a Chinese team, and GoPlay, a streaming service launched by Indonesian ride-hailing and online-to-offline (O2O) services platform Gojek.

ZWC's China portfolio includes English language tuition platform VIPKid, electric vehicle manufacturer Xpeng, artificial intelligence specialist Yitu Technology, and bike-sharing start-up Mobike. Xpeng went public in the US earlier this year, while Mobile was acquired by Meituan-Dianping in 2018.

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