Unicorn raises $450m for VC fund-of-funds
China-focused venture capital fund-of-funds Unicorn Capital Partners has closed its latest vehicle at the hard cap of $450 million. The process took six months and the fund was oversubscribed
Much like its predecessors, Fund IV - though the firm's fifth overall - will make commitments to emerging venture capital managers in China and pursue direct investment opportunities in technology and healthcare.
The Unicorn portfolio includes the likes of Gaorong Capital and Source Code Capital. Most recently, the firm came in as an anchor investor for Glory Ventures' second US dollar-denominated fund, which saw the manager scale up from $20 million to $120 million.
The LP base comprises endowments and foundations, family offices, pension funds, and asset managers from the US, Europe, Asia, and Latin America.
Unicorn was set up in 2015 and accumulated a small corpus of around $60 million before closing its first official vehicle at the end of the year at $210 million. Fund II closed at $250 million in mid-2018 and the firm raised $350 million for Fund III in 2020. Both vehicles comfortably beat their targets.
Unicorn deploys most of its capital with emerging managers, including spinouts, with smaller allocations for top-tier VCs, micro VCs, healthcare specialists, and direct co-investments. The firm typically co-invests in Series B and C rounds. The goal is to enter when a business is nearing an inflection point, allowing for 3-5x of upside.
Monument Group served as placement agent for Unicorn Partners Fund IV.
More on Greater China
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.