AVCJ

Former Emerald Hill exec secures commitments for China fund-of-funds

  • Andrew Woodman
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Unicorn Capital Partners, a new China-focused venture capital fund-of-funds launched by Emerald Hill Capital Partners' former head of North Asia Tommy Yip, has secured initial commitments of $12 million for its maiden fund - Unicorn Partners Fund I.

AVCJ first revealed that there were plans to start a fund last year. The vehicle - which is understood to have launched in January - was set up by Yip and Kah Fai Low, a former executive director of Singapore-based Asia-focused fund-of-funds Eagle Asia Partners.

The fund will focus on investments in technology, media and telecoms, and healthcare. The relevant filing did not include how much the vehicle is ultimately seeking to raise.

Yip, formerly head of AVCJ Research, resigned from Emerald Hill in November. He had been with the firm since its inception. Low is a founding member of Eagle Asia, having joined from its predecessor TIF Ventures.

Emerald Hill closed its third Asian fund-of-funds in May last year at $400 million. Endowments and foundations account for the vast majority of LPs, with about 75% of investors in Fund II re-upping for Fund III. There are no separate or managed accounts.

Eagle Asia has $200 million in assets under management. Last year it was one of six managers to establish an affiliation with Natixis Global Asset Management (NGAM).

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