China's WestSummit raises $325m across two tech funds
Beijing-based growth capital firm WestSummit Capital has raised $325 million across two funds, comprising $225 million for West Summit’s Fund II and $100 million for its China Ireland Technology Growth Capital Fund.
The funds received comittments from several large institutional investors across Europe, North America and Asia, according to a statement.
WestSummit Fund II, which exceeds the size of it predecessor by over three times, will focus primarily on investments in North America and China.
WestSummit will continue its strategy of making growth stage investments of $5 million to $15 million, focusing on internet and digital media, cloud computing, mobile and IT-enabled clean tech companies. Current investments from Fund II include Unity, Twitch, Mirantis, Verisilicon, and Union Optech.
China-Ireland growth fund will be managed by the Summit Bridge Capital, a joint venture set up by WestSummit and European growth Capital firm Atlantic Bridge Capital. The fund received a combined of $50 million in commitments from Ireland's National Pensions Reserve Fund (NPRF) and China Investment Corporation (CIC).
The fund will make investments in technology companies - including internet, software, semiconductors and clean tech - with a presence in Ireland that have a strategic interest in China in addtion to helping Chinese companies to expand in Ireland.
"Technology innovation knows no borders, and we are excited to serve as a value-added partner to connect the China market with leading technologies from around the globe," said Raymond Yang, managing partner of WestSummit.
West Summit Capital focuses on investing between China, North America and Europe. It has offices in Beijing, Silicon Valley and Hong Kong.
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