Fidelity to launch its biggest China VC fund

The new fund will be managed by Fidelity Growth Partners Asia. Half of the capital raised will be invested in the healthcare sector, while the remainder in the consumer and information technology sectors, Norman Chen, a partner of Fidelity's Greater China investment unit, told Reuters.

"The consumer wave in China is undeniable and we see huge opportunities," said Chen, adding that the company has already fully invested the capital in its three exiting China funds.

Fidelity closed its Chinese maiden fund in 2002 at $60 million, which invested in computer and informational technology companies. In 2005, it launched its $120 million Fidelity Asia Ventures fund, which had a heavy focus on the medical and TMT sectors. Three years later, the company launched another vehicle, this time sized at $250 million.

Chen added that Fidelity has already applied for a license under the country's Qualified Foreign Limited Partner (QFLP) scheme, which would allow it to convert US dollars into renminbi for investment, in a move that enables the company to access private equity deals more easily.

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• Topics
• Greater China
• Venture
• FIL Capital Management / Fidelity Asia Ventures
• China
• Growth capital