Eastern Bell raises $2b across US dollar, renminbi funds
Eastern Bell Capital has closed its second US dollar-denominated fund and its sixth renminbi-denominated fund with aggregate commitments of more than CNY 13bn (USD 2bn).
The China-focused private equity firm, which makes investments related to the industrial internet and supply chain innovation, now has total assets under management of CNY 27bn.
Eastern Bell's second US dollar fund launched in August 2020 with a target of USD 600m. A first close of USD 350m came four months later, and the hard cap was set at USD 700m. The final close was USD 800m.
LPs include sovereign wealth funds, pension funds, insurers, corporates, family offices and fund-of-funds. The re-up rate from Fund I - which closed on USD 365m in November 2019 - was more than 95%.
The latest renminbi fund is approximately CNY 7.6bn in size. Oriza is an LP - it has supported the private equity firm since Fund I - alongside government guidance funds, fund-of-funds, and financial institutions. Meanwhile, insurer and corporate participation increased significantly. Fund V closed on CNY 4.7bn in June 2018.
The firm was founded in 2010 by Zhiming Mei, CEO of GLP China, the country's largest warehouse operator, and Li Yan. Li serves as CEO.
Deal targeting has gradually expanded over the years, from logistics providers into the technology-enabled transformation of the broader supply chain ecosystem. There are two other areas of focus: industrial digitalization and consumption upgrades, which encompass enterprise services, data, and technology.
The portfolio features ZKH Industrial Supply, automation equipment provider YiHeDa, outsourcing software specialist Titan Technology, community group buying platform Xingsheng Youxuan, multi-brand retailer Harmay, electric vehicle manufacturer Xpeng, enterprise software start-up XForcePlus and procurement platform Going-link.
"While we believe in proactively pursuing changes and upgrading ourselves, our intentions, values, and core culture remain the same. We hope to work with more partners to create long-term value for the society in the future," Li said in a statement.
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