China's Cloudview reaches $316m first close on renminbi fund

The new vehicle is domiciled in Haiyan county in Zhejiang province. LPs include local government entities, listed companies and other corporates, and family offices, according to a statement.

Cloudview was established in 2011 by ICBC International and the investment team, led by Jinsong Chen, formerly of The Blackstone Group's China private equity team and Goldman Sachs' Asia special situations group. It was known as ICBCI RT Capital and had a mandate to make private equity and mezzanine investments.

The team took full ownership in 2019 and the firm took on the name Cloudview. A first renminbi fund closed on CNY 600m in 2017. Prior to that, the firm invested through other pools of capital, including project-based structures for mezzanine debt and special situations.

Fund I was invested across 17 companies, with LPs receiving an additional CNY 1.7bn in co-investment opportunities.

The new vehicle will follow the strategy pursued by its predecessor, targeting four key areas: semiconductors, renewable energy, healthcare, and consumer durables. Investments will focus on growth-stage and mature companies, often dovetailing with government policy under a "capital plus industry plus government" strategy.

Cloudview has more than USD 5bn in assets under management and it has invested in 60 companies. The 40-strong team of investment professionals is based in Beijing, Hong Kong, Hangzhou, and Zhuhai. Past investments include: electronic appliance brands Gree and Midea, semiconductor manufacturers Montage Technology and Willsemi, and biotech player Suzhou Ribo Life Science.

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

• Topics
• Greater China
• GPs
• Fundraising
• Technology
• Healthcare
• Consumer
• Renminbi fund
• China
• Cloudview Capital