Burda's Asia head recruited by Eurazeo

He is part of the venture team, participating in the management of Eurazeo’s smart city venture capital fund, which focuses on new energy, mobility, property technology, advanced manufacturing, and deep technology, according to the firm’s website.

Shyy (pictured) joined BPI as a principal in 2017 when the firm opened an office in Singapore. Before that, he led the Southeast Asia and India team at Gree Ventures and worked for Lazada and Monitor Group.

BPI started out by making LP commitments to funds in the region, including those managed by Kejora Ventures, Golden Gate Ventures, and Jungle Ventures. This led to direct participation in funding rounds. Shyy was promoted to head of Asia in 2020.

Eurazeo is currently raising its second smart city fund, which reached a second close of EUR 150m (USD 162m) in January. The overall target is EUR 200m. Institutional partners and corporates from Asia and Europe feature prominently in the LP base.

Asian additions to the second close include Korean Venture Investment Corporation (KVIC), Momentum Venture Capital, which is controlled by Singapore’s SMRT, and Thailand’s SCG. They join the likes of carmaker Stellantis and Thai real estate developer Sansiri.

Eurazeo raised EUR 137m for its first smart city fund in 2016 with commitments from 15 corporate LPs. It made nearly 25 investments across Europe, Asia, and North America. Asian exposure was capped at 30%, but this will rise to 40% in Fund II.

The strategy is underpinned by a desire to take legacy city infrastructure and make it more efficient through the application of technology. As part of this, Eurazeo looks to establish joint ventures between portfolio companies and corporate LPs.

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