China's Oceanpine raises $312m for renminbi hard-tech fund
Chinese technology and healthcare investor Oceanpine Capital has closed its Hardcore Technology Investment Fund on RMB2 billion ($312 million). LPs include government guidance funds and fund-of-funds in Suzhou, where the new vehicle is based.
In the space of three months, the GP launched the fund, achieved a first and final close, and called 30% of the corpus for deployment, which it believes represents a new speed record for China's venture capital industry, according to a statement.
Oceanpine was formed in 2016 by Dave Chenn, who previously established China Century Group in 2005. Its debut US dollar-denominated fund of $400 million came from internal sources. That vehicle is now fully invested and has secured two full exits and four IPOs, with distributions to paid-in (DPI) of 50%.
Through Fund I and other investment vehicles, Oceanpine has deployed more than $1 billion across more than 40 companies. the portfolio includes artificial intelligence (AI) computing-power specialist Enflame Technology, Ansun Biopharma, Horizon Robotics, autonomous driving technology developer Black Sesame, and US-based graphical database platform TigerGraph.
The firm launched a second US dollar fund in December 2019 and reached a final close on target at $400 million 12 months later. This represented the first time Oceanpine had tapped external investors for a formal fundraise, although there is a relatively large GP commitment of 30%. About half of Fund II has already been invested across 10 deals, including a re-up for Enflame.
Oceanpine, which is headquartered in Beijing and has offices in Hong Kong and Silicon Valley, describes its sweet spot as early to late growth-stage companies with applied disruptive technologies and proven innovative business models that address mass-market demand. AI, 5G, the internet of things, big data, enterprise software, semiconductors, and biotech are all areas of interest.
The firm 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.
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