China's ZWC Partners raises $770m

The firm announced a first close of $400 million in November last year, two-thirds of which came from existing LPs. Its debut US dollar vehicle closed at $150 million in 2019 with backing from the likes of Neway Group Holdings, OP Financial Investments, and Telling Telecommunication Holding.

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

The strategy for Fund II is to concentrate on early and growth-stage start-ups specializing in industrial internet and new consumer categories. This will include a look at consumer spending upgrade, artificial intelligence, and the digitalization of media and consumer spending habits.

A portion of the corpus has also been earmarked for deployment in Southeast Asia. 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 online job recruiter Boss Zhipin, English language tuition platform VIPKid, electric vehicle manufacturer Xpeng, artificial intelligence specialist Yitu Technology, and bike-sharing start-up Mobike. Boss Zhipin and Xpeng went public in the US this year and in 2020, respectively, while Mobile was acquired by Meituan-Dianping in 2018.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• Greater China
• Fundraising
• Technology
• Consumer
• Venture
• ZWC Partners
• TMT
• China