Ex-IDG partners seek $160m for debut China TMT fund
Feng Li and Ben Lin, formerly partners at IDG Capital Partners, are looking to raise RMB1 billion ($160 million) for their debut China venture fund.
The vehicle, named Furui Fund, has already received RMB100 million in LP commitments from Shanghai-listed Zhejiang Daily Media Group, according to a filing.
Furui will make seed and early-stage investments in global start-ups operating in the technology, media and telecom (TMT) sector, including internet finance, online education and healthcare. It will also invest in companies listed on the National Equities Exchange and Quotations (NEEQ) - also known as the New Third Board - as well as other emerging assets and equity exchanges. There will also be PIPE financing for companies listed on main stock exchanges.
Li invested in China's education, consumer services, TMT and other advanced technology when he was in IDG. In the online finance space, he led investments in CreditEase, Ripple, Coinbase, Baifendian and Wacai. He launched Miaozhen System, a VC-backed cloud computing advertising start-up, after leaving New Oriental Education & Technology Group in 2007.
Lin invested in Sino-US financial technology, e-commerce and enterprise software during his tenure in IDG. His early investments included Trulia, Stubhub, Invite Media, Flatiron Health and JoorAccess.
Furui isn't the first VC group to spin out from IDG. Banyan Capital, led by ex-IDG partners Zhen Zhang, Xiang Gao and Bin Yue, was formed last year when it closed its debut fund at $206 million. High net worth individuals - primarily the founders and CEOs of companies the team backed while at IDG - contributed more than half of the capital raised.
Banyan raised $362 million for its second US dollar-denominated fund and a RMB320 million renminbi fund early in January. Two month ago, it closed its co-investment vehicle at $100 million to make follow-on investments in existing portfolio companies.
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.