Hong Kong's VMS appoints PE head
Hong Kong-based multi-strategy alternatives asset manager VMS Group has appointed Jianming Zou, formerly of New Horizon Capital, as head of private equity.
Zou (pictured) has more than 20 years of PE and financial services experience, including 14 as a Beijing-based partner at New Horizon, a firm that specialises in targeting lower-tier Chinese cities.
Previous work includes a stint as an associate director at Starr International Investment Advisors, where he was responsible for PE investment strategy across Asia Pacific. He has also held roles with Goldman Sachs and CICC.
VMS described the hire as part of a Greater China buildout and a key pillar of its strategic growth plan. The position is new.
The firm – active across PE, VC, real estate, debt, and hedge fund strategies – recently emphasised an intention to target Chinese domestic supply chain gaps in light of what it called a “secular” deglobalisation trend.
The opportunity was highlighted in semiconductor manufacturers serving the consumer electronics, electric vehicle, renewable energy, and energy storage markets.
VMS was founded in 2006 with a view to bringing a global connectivity value proposition to a Greater China focus. It established a dedicated PE team in 2012, focusing on healthcare, technology, media, and telecom (TMT), next-generation retail, and deep tech.
A debut PE fund was set up with USD 100m in early 2015. Fund II closed on USD 350m in mid-2020. Assets under management stand at about USD 4.2bn.
More than 150 investments have been made to date, including some overseas companies. Among its notable investees are car trading platform Souche, video streaming company iQiyi, and US-based NextVR, a live and on-demand virtual reality broadcasting company acquired by Apple in 2020.
Recent activity includes a Series A investment of undisclosed size in Xiaoice, a China-based Microsoft spinout focused on interactive avatars and emotional artificial intelligence. The round gave the company a post-money valuation of more than USD 2bn.
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.