Funds
China's M31 Capital closes debut fund at $450m
Chinese Venture Capital firm M31 Capital has raised $450 million for its debut US dollar-denominated fund, beating a target of $400 million.
HarbourVest backs IDG renminbi fund restructuring
IDG Capital has completed a renminbi fund restructuring in which assets have been transferred from one local currency vehicle to another backed by offshore investors. It is the first secondary deal of its kind to use the Qualified Foreign Limited Partner...
Gaorong seeks $1b for China VC fund
Chinese venture capital firm Gaorong Capital is targeting $1 billion for its fifth US dollar-denominated fund – twice the amount raised in the previous vintage.
Southeast Asia VC: Knowledge transfers
When venture capital firms move into Southeast Asia, they often use existing operations in China or India as a launching pad. Different lessons can be learned from these two markets
CITIC, SF Holdings raise $308m China logistics fund
CITIC Capital and SF Holdings – the parent company of SF Express, China’s second-largest courier company – have launched a RMB2.1 billion ($308 million) fund that will invest in logistics properties.
AMP Capital forms Asia infrastructure debt team
Australia’s AMP Capital has doubled down on its Asia Pacific infrastructure debt strategy with the creation of a dedicated team based across Sydney and Singapore.
GGV targets $2b for China, US tech investments
GGV Capital will return to market with its latest set of China and US-focused funds, seeking to raise an aggregate $2 billion, up from $1.88 billion in the prior vintage.
Fund focus: Qiming's cleantech team spins out, raises $73m fund
Inspiration Capital, a spinout from Qiming Venture Partners, has raised RMB500 million for its debut fund that focuses on cleantech and advanced manufacturing investments in China
BA Capital raises $147m for renminbi fund, hits first close on dollar fund
BA Capital, a Shanghai-based venture capital firm also known as Black Ant Capital, has raised RMB1 billion ($147 million) for its second renminbi-denominated fund.
CLSA closes fourth Japan fund at $450m
CLSA Capital Partners (CLSA CP) has closed its fourth Japan mid-market fund at $450 million after approximately three months in the market.
Panlin raises $148m for China VC fund
Shanghai-based venture capital firm Panlin Capital has raised RMB1 billion ($148 million) in its latest early-stage fund having spent about 16 months in the market.
Fund focus: A window of opportunity
With $600 million in dry powder in its third Huaxing Growth Capital US dollar-denominated fund, China Renaissance has demonstrated a willingness to deploy while others hold back
Openspace Ventures hires ex-Providence director
Singapore’s Openspace Ventures has hired Jessica Huang Pouleur (pictured), formerly of Providence Equity Partners and latterly head of Asia M&A for The Walt Disney Company, as an executive director.
Japan's 31 Ventures establishes second fund with $81m
Japan-based 31 Ventures, a VC firm established by local investor Global Brain and property developer Mitsui Fudosan, has launched a second fund of JPY8.5 billion ($81 million).
Lightspeed establishes Southeast Asia VC team
Lightspeed Venture Partners has formalized its Southeast Asian practice with the nomination of Akshay Bhushan (pictured) as head of a new Singapore office and three additional hires.
Q&A: Starquest Capital's Frankie Fang
Frankie Fang, founding managing partner of China-focused fund-of-funds Starquest Capital, discusses early-stage valuations, specialization among domestic managers, and renminbi fundraising
Vertex China closes first renminbi fund at $438m
Vertex China, a VC firm affiliated to Temasek Holdings-owned Vertex Holdings, has closed its first renminbi-denominated fund at RMB3 billion ($438 million).
Australia's Blackbird launches New Zealand fund
Australia’s Blackbird Ventures has launched a NZ$60 million ($40 million) New Zealand-dedicated fund with a cornerstone investment of NZ$21.5 million from the government.
Korea, Singapore investors back Vietnam's Do Ventures
Korea’s Naver and Woowa Brothers have joined Singapore’s Sea and Vertex Holdings as LPs in the debut fund from Vietnam-based Do Ventures.
CPPIB backs GLP Japan logistics fund
Canada Pension Plan Investment Board (CPPIB) has committed JPY25 billion ($235 million) to a fund managed by PE-owned warehouse operator GLP that is said to be the largest open-ended logistics vehicle in Japan.
3one4 hits first close on third India VC fund
India’s 3one4 Capital has reached a first close on its third flagship early-stage venture capital fund.
Fund focus: Remote diligence underpins Adamantem's first close
Australia's Adamantem Capital launched its second fund shortly before COVID-19 began to escalate, but the first close still features sizeable commitments from new investors that were unable to perform due diligence in-person
OTPP puts $350m into Edelweiss' India private debt business
India’s Edelweiss Group has brought a strategic investor into another of its business lines, with Ontario Teachers’ Pension Plan (OTPP) committing $350 million to the firm’s credit unit.
China GPs must double down on operational skills - McKinsey
Private equity investors in China must develop new operational capabilities to deliver returns because they can no longer rely on macroeconomic tailwinds to drive growth, according to McKinsey & Company.