A Capital targets $1.38b for Sino-European tech fund
Sino-European PE firm A Capital has launched a EUR1 billion ($1.38 billion) technology fund to invest in European innovative firms. It will help them expand into emerging markets, in particular China.
The A Capital Technology Fund, which was launched during President Xi Jinping's visit to Europe, has received undisclosed commitments from ChinaEquity Group, a Beijing-based PE firm.
The fund will invest in environmental and energy technologies, digital technologies, medical, mobility, transportation and logistics, automation and high-end manufacturing sectors.
"Europe has world-leading R&D and innovative companies in the fields of environment, mobility, digital and medical, that lack scale due to fragmentation and low-growth of European markets.
"China has the market and the need for these technologies, to tackle the massive challenges that it faces, in particular environmental pollution, urbanization and healthcare needs," said André Loesekrug-Pietri, founder and managing partner of A Capital.
The PE firm has also signed an agreement with Belgium-based research center IMEC in a bid to leverage IMEC's R&D capability in the fields of microelectronics and new materials.
Meanwhile, A Capital and ChinaEquity have set up a joint renminbi-denominated co-investment fund that is seeking at least RMB1 billion from Chinese institutional and corporate investors.
ChinaEquity was founded by Chaoyong Wang in 1999. It has RMB3 billion ($483 million) in assets under management across four private equity funds and three venture capital vehicles.
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