China's Yunqi closes third US dollar fund at $300m

LPs include endowments, foundations, pension funds, family offices, and asset managers from the US, Asia, and Europe.

The fund launched in June 2020 with a target of $200 million and a first close of $150 million came within two months, Yipin Ng, co-founder and managing partner of Yunqi, tells AVCJ. The first close participants were all existing investors.

Yunqi claims to be the largest early-stage venture capital investor dedicated to enterprise software and technology in China.

Numerous portfolio companies have achieved unicorn status. They include cloud-native database PingCap, robotaxi player Deeproute.ai, home decoration software provider Kujiale, cross border financial services business Xtransfer, B2B trading platforms Baibu and XiaoPangXiong, smart robot developer Keenon, and plastics recycling business Yingke Rejuvenate.

Ng founded Yunqi in 2014 with Michael Mao. They were previously partners at GGV Capital and IDG Capital, respectively. AVCJ Research's records state that a second US dollar fund closed at $150 million in 2018. Yunqi also manages two renminbi funds and some specialist vehicles. Its third renminbi fund is currently in the market.

Yunqi has more than 25 investment professionals based in Shanghai, Beijing, and Shenzhen. Earlier this year, Yu Chen, who specializes in big data, cloud computing, autonomous driving, and robotics investments, was promoted to partner.

“We are humbled by the overwhelming demand for our funds. With this tremendous support from our investors, we will continue to outperform in the industry under our strong leadership team,” said Ng.

Thrive Alternatives served as the exclusive advisor for Yunqi's fundraise.

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• Topics
• Greater China
• GPs
• Venture
• Technology
• Fundraising
• China
• TMT
• Yunqi Partners