China’s CASH Capital targets $193m for Fund II
CASH Capital, the venture capital arm of the state-owned Chinese Academy of Sciences Holdings (CASH Holdings), is seeking to raise RMB1.2 billion ($193 million) for its second renminbi-denominated venture fund.
The fund has received its anchor investment from CASH Holdings, according to a statement. Existing investors and several new LPs, including private companies and listed corporates, also invested in the fund.
The new fund will continue the strategy of its predecessor, and make early and growth-stage investments in start-ups in the TMT (technology, media and telecom) and life sciences space.
CASH Capital's debut fund was launched in 2011 with LP commitments from CASH Holdings, Ministry of Finance and several Chinese private companies. The fund was fully deployed and invested in 27 start-ups, including third-party credit service company 3Golden and social networking platform InApp.
CASH Holdings is the investment arm of Chinese Academy of Sciences, the national science research institution in the country. The unit has over RMB30 million in assets under management. It has direct shareholdings in about 30 Chinese corporates, including Legend Holding and China Sciences Group. It also provides LP commitments in approximately 20 China-focused VC and PE funds, which are managed by IDG Capital Partners, Hony Capital, Legend Capital, CDH Investments, Sequoia Capital and China Broadband Capital.
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