Tsinghua Holdings, Shengjing launch overseas VC fund-of-funds
Shengjing Group, a Chinese investment advisor, has partnered with Tsinghua Holdings to launch a $300 million fund-of-funds to invest in venture capital overseas.
The fund, Shengjing Overseas FoF 2016, will deploy $270 million in funds managed by VC firms based in Israel and the US, Shengjing said at the Zhongguancun International Start-up Festival in Beijing. The remaining $30 million is a co-investment quota that will be committed to a number of global start-ups alongside the VC firms.
Beijing-based Shengjing was established by Tsinghua Holdings - an investment arm of Tsinghua University - Shenzhen Fortune Capital and Hina Group in 2007. The company initially offered corporate management training services in China, as well as providing client management and human resources management software to corporates.
It expanded into the fund-of-funds business last year, investing in domestic VC funds, such as Legend Capital, Matrix China Partners and Shunwei Capital Partners, as well as Silicon Valley-based VC firms including Institutional Venture Partners (IVP), Menlo Ventures, 500 Startups and F50 Ventures. It also made LP commitments to Israeli VC firms Jerusalem Venture Partners and Viola Private Equity.
The group listed on China's National Equities Exchange and Quotations (NEEQ), also known as the New Third Board, in April. The fund-of-fund unit invested RMB2 billion in VC funds last year and has invested RMB4 billion so far this year.
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