China's BlueRun $819m across US dollar, renminbi funds
China-based BlueRun Ventures has closed its third US dollar-denominated China fund and third renminbi vehicle with aggregate commitments of CNY 5.5bn (USD 819m).
The firm did not disclose the size of either fund. It merely said that total assets under management now stand at CNY15 bn.
The US dollar LP base features insurance companies and sovereign wealth funds. On the renminbi side, investors include China SME Development Fund, other government guidance funds, financial institutions, fund-of-funds, and family offices.
BlueRun closed its second China fund on USD 200 million in 2015. The firm also closed two US dollar-denominated global funds before it started to focus on China. BlueRun was founded in Silicon Valley in 1998 and entered China in 2005, opening offices in Shanghai and Beijing. The China operation subsequently became independent.
“We inherit the innovation gene from our Silicon Valley origin, and at the same time, we grasp domestic trends. To some extent, we’re a resource distributor who allocates resources to entrepreneurs that dare to be the first. We’ve created stable returns for our LPs and sustainable value for society,” said Jui Tan, a managing partner at BlueRun.
The firm makes early-stage technology investments, typically backing start-ups from the Series A or Pre-Series A rounds. It has invested in 150 companies in China across deep technology, business services, new retail, and healthcare.
For the fourth vintage, BlueRun has several key focus areas: new energy, digitalisation and automation, web3 and metaverse applications, and applications based on breakthroughs in underlying scientific research.
New energy coverage includes electrification, photovoltaics, hydrogen energy, and energy storage. The firm has previously invested in electric vehicle maker Li Auto, which went on to list in the US and Hong Kong. In digitalisation, stand-out portfolio companies include commercial cleaning robot maker Gaussian and cloud service provider QingCloud.
Meanwhile, BlueRun classifies LLvision and Nolo - which make artificial reality and virtual reality glasses, respectively - as web3 plays. Relevant scientific breakthroughs range from advancements in brain-computer science to nuclear fusion. It has previously backed Energy Singularity, a nuclear fusion technology company.
More on Greater China
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.