CITIC Capital closes VC fund on $113m
CITIC Capital has reached a final close of on $113 million on its debut venture capital fund, short of the $150 million target.
CITIC Capital Venture Partners (CCVP) launched in February of last year, targeting high growth small- and medium-sized enterprises (SMEs), with a focus on the sub-sectors of selected industries, including clean technology, consumer and IT and emerging industries.
It reached a first close of $60 million, supported by contributions from Vertex Asia Growth, a wholly-owned subsidiary of Temasek Holdings, and Enspire Capital, a Singapore-based company focused on the technology, media and telecommunications sector.
"China's unique mix of increasing domestic demand, favorable demographics, and the potential of huge efficiency gains across various industries should continue to provide interesting opportunities for investors with strong value propositions and solid investment theses," said Jeffrey Zeng, a senior managing director at CITIC Capital and managing partner of CCVP.
"The market environment has been challenging, but I am confident that we are well positioned to continue our success."
The VC fund has four partners and eight investment professionals that come with background in sectors across venture capital investments, semiconductor, patent technology, finance and resources management, software and engineering.
Founded in 2002, CITIC Capital oversees over $4 billion in assets covering private equity, real estate, structured investment & finance, asset management and venture. Two weeks ago, it has reached a final close of $683 million on its China Retail Properties Investment Fund, exceeding the original target of $600 million.
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