SummitView, Shanghai government launch $1.7b PE fund
SummitView Capital has partnered with the Shanghai government to launch a RMB10 billion ($1.7 billion) private equity fund, which will invest in semiconductor manufacturers.
The fund - to be managed by SummitView - is part of a strategic collaboration with China National Fund backed by the Shanghai government, according to a statement.
Anchor investors include the Shanghai Science & Technology Investment Corp, Shanghai Jiading Investment Management, Semiconductor Manufacturing International Corp. (SMIC), Tsinghua University's Tsinghua Holdings and Taiwan's MediaTek.
The Taiwanese fabless semiconductor company will contribute RMB300 million after getting approval from local regulators. Ming-Kai Tsai, MediaTek's chairman, said in a separate statement that the firm expects to deepen cooperation with the Chinese semiconductor industry through investing in the fund.
The vehicle will focus on acquiring global chip companies and help them expand their market share in China by increasing sales, marketing activities, support and engineering. Meanwhile, the investees could maintain operations and research and development activities outside of China.
In addition to the fundraising, the PE firm has also signed agreements with China Development Bank, Bank of Shanghai, Shanghai Pudong Development Bank, China Merchant Bank and Bank of China to secure debt financing for its operations of RMB30 billion.
Shanghai-headquartered SummitView was founded in 2010, with offices in Beijing and San Francisco. The PE firm focuses on investing in the semiconductor, mobile internet, cleantech and bio technology sectors.
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