Eastern Link raises $330m RMB fund
Eastern Link Capital, a China-focused private equity firm set up by ex-IDG Capital Partners and GF Securities professionals, has closed its second renminbi-denominated fund at RMB2 billion ($330 million).
The vehicle, formally known as the Suzhou Industrial Park East Link Investment Center, will continue the strategy of its predecessor, focusing on the consumer sector and related services, pharma, IT and new energy. It will invest in early- and growth-stage companies as well as medium-sized enterprises, Eastern Link said in a statement.
The fund's primary LP is a joint venture fund-of-funds operated by Suzhou Ventures and China Development Bank. The two groups launched the Suzhou Industrial Park Venture Capital Guidance Fund in 2006 and as of late 2012 were seeking to raise a successor vehicle. Eastern Link has also received commitments from other domestic institutional investors as well as from high net worth individuals.
Yudong Huo, the private equity firm's co-founder and managing director, said that despite the global economic slowdown, structural adjustments in China's growth model and capital markets reforms that have delivered three boards well suited for small and medium-sized enterprises are creating more private equity investment opportunities.
Eastern Link, which was founded in 2010, has previously invested in Beijing Boloni Home Décor, Zhuhai Tianmu Hotspring Resort Group, Xiamen Bioway Biotech, Beijing Telezone Technology, Shanghai Kangjiebao New Materials and Anhui SanLian Applied Traffic Technology.
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