Shunwei closes first RMB fund at $160m
Shunwei Capital Partners, a Chinese VC firm set up by Lei Jun, a founder of mobile phone maker Xiaomi, has closed its first renminbi-denominated fund at RMB1 billion ($160 million).
Lei announced the completion of fundraising on his official Weibo microblog, adding that the firm has now backed over 60 companies since inception.
Shunwei was set up in 2011 and is led by Lei and Tuck Lye Koh, formerly of GIC Private and C.V. Starr Investment Advisors. The same year the firm raised $225 million for its debut US dollar-denominated fund, with commitments from sovereign wealth funds, family offices, fund-of-funds and endowments. In June last year, Shunwei closed its second US dollar fund at $525 million.
The RMB fund will invest in the areas of intelligent hardware, mobile internet, online finance, online education and travel sites, Lei said. Recent investments by Shunwei include 51Talk, iQiyi, Ayibang, Lizhi.FM, Ikongjiang and Misfit Wearables. Xiaomi is a frequent co-investor in these deals.
Shunwei is seen as representative of a new breed of China VC firms, started by, or raised from, founders of successful first-generation internet business. Their pedigree tends to be rooted extensive deal-sourcing network and proven operational ability.
Lei, former CEO of Hong Kong-listed Kingsoft Corporation, founded Xiaomi in 2009. The smart-phone maker completed a new funding round of $1.1 billion in December last year. This valued the start-up at $45 billion, making it the world's most valuable VC-backed start-up. Shunwei is also an investor in Xiaomi.
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