A two-year renminbi fundraising boom in China has ended abruptly due to a combination of controversy, regulatory intervention, and dwindling investor sentiment. But the market may benefit in the long term
China-focused Long Hill Capital has reached a final close of $265 million on its second US dollar-denominated VC fund as well as a first close of about $30 million for its first renminbi vehicle.
Longzhu Capital, a venture capital firm established by Chinese online-to-offline (O2O) services platform Meituan-Dianping, has closed its debut fund at RMB2 billion ($300 million).
The Beijing government has launched a RMB30 billion ($4.6 billion) innovation-focused fund-of-funds that will not only make investments locally but also commit capital overseas with a view to bringing technologies to China.
Sinovation Ventures has formed a RMB2.5 billion ($395 million) venture capital fund that will focus on artificial intelligence (AI). It is a cooperative effort with the Guangzhou government to drive technology development.
Vision Plus Capital looks to tap the entrepreneurial talent developing in Alibaba Group's ecosystem for its second US dollar and renminbi-denominated funds
AlphaX Partners, a Chinese venture capital firm established by Chuan Thor (pictured), formerly of Highland Capital China, has closed its first US dollar and renminbi-denominated fund with around $270m in commitments.
Vision Plus Capital Partners, a Chinese venture capital firm set up by one of the co-founders of Alibaba Group, has raised $500 million for its second US dollar and renminbi-denominated funds.
GGV Capital has raised RMB1.5 billion ($236 million) for its debut renminbi-denominated fund. The successful close takes the Sino-US venture capital firm’s total assets under management past $4 billion.
Redpoint China Ventures has raised $110 million for its debut renminbi-denominated fund, which is expected to offer greater flexibility in backing start-ups in the early stages
Redpoint China Ventures has closed its debut renminbi-denominated VC fund at RMB700 million ($110 million).
Chinese online retailer JD.com has formed an M&A fund with Hong Kong-listed clothing producer and retailer Cosmo Lady. The target size is RMB1 billion ($159 million).
Baidu Ventures, an independent VC firm set up by Chinese internet player Baidu, has achieved a first close of more than RMB2 billion ($318 million) on its second renminbi-denominated fund that focuses on artificial intelligence (AI).
Legend Star, the early-stage investment arm of China’s Legend Holdings, has closed its third VC fund at RMB800 million ($127 million).
China’s 6 Dimensions Capital, which was formed through the merger of WuXi Healthcare Ventures and Frontline BioVentures, has raised approximately $844 million for its debut healthcare fund.
China Renaissance has reached a first close of RMB4 billion ($604 million) on the third renminbi-denominated fund raised under its flagship Huaxing Growth Capital arm. A final close of up to RMB6 billion is expected in early 2018.
Longstand Capital, a Chinese PE fund manager, has accused industry counterpart Beijing Dabai Huicai Investment Management of taking capital intended for investment in SF Express, China’s largest express delivery services provider, and putting it into...
Phoenix Travel Group, a China-based travel services provider, has raised a RMB700 million ($105 million) Series C round led by CITIC Capital, Haier Capital, Legend Holdings and Legend Capital.
Qingsong Fund, a Chinese VC firm formed by Alvin Liu, an angel investor and co-founder of Tencent Holdings, has closed its third renminbi-denominated fund at RMB850 million ($129 million).
PAG Asia Capital is raising a $500 million China growth fund, which will enable the firm to target middle-market deals that fall below the minimum check size for its pan-Asian vehicle.
Project funds have become popular in China on the back of increased demand for PE exposure from corporates and high net worth individuals. It remains to be seen if they have true staying power
China and Russia have agreed to invest about $10.5 billion in two cross-border development funds as part of the One Belt One Road (OBOR) initiative.
CITIC Capital Partners has closed the US dollar-denominated portion of its latest China fund at the hard cap of $1.57 billion after about one year in the market. The renminbi tranche is still being raised, with a target of RMB3 billion ($439 million).
Lightspeed China Partners has closed its first renminbi-denominated venture fund at RMB600 million ($87 million).