Xiaomi hits $1.3b second close on semiconductor fund
Xiaomi Private Equity Fund Management, a unit of Chinese smart phone maker Xiaomi, has achieved a second close of CNY 9bn (USD 1.29bn) on a semiconductor fund targeting CNY 10bn.
Regulator raises the qualification bar for Chinese GPs
China has introduced minimum paid-up capital requirements for local private equity firms that could force smaller, less sophisticated players out of the market.
Guangzhou government commits $29bn to fund-of-funds
The Guangzhou provincial government has established two fund-of-funds (FoFs) with a combined scale of CNY 200bn (USD 29bn).
Primavera targets onshore China deals
Primavera Capital Group has established a fund under China's Qualified Foreign Limited Partnership (QFLP) regime, underlining interest in onshore investments among managers with US dollar-denominated pools of capital.
China's Oriza Rivertown raises $236m
Oriza Rivertown, the growth investment arm of Suzhou-based Oriza Holdings, has raised CNY1.6bn (USD 236m) across two funds, bringing its total asset under management to CNY 4.5bn.
China's Riverhead Capital closes $295m renminbi fund
China-based Riverhead Capital, the private equity arm of Sunshine Insurance Group, has closed a renminbi-denominated fund with CNY 2bn (USD 295m) in commitments.
Q&A: CICC Capital’s Mengyang Yang
Mengyang Yang, an executive director and head of private equity in Hong Kong at CICC Capital, on China’s post-pandemic revival, plans for a flagship US dollar fund, and managing guidance funds
Affirma hits first close on renminbi fund
Emerging markets-focused private equity firm Affirma Capital has reached a first close of approximately CNY 1.5bn (USD 215m) on its debut renminbi-denominated fund.
Local investors pump $54m into China's Rokid
Rokid, a China-based company specialising in augmented reality (AR) technology, has raised CNY384m（USD53mn）across two tranches, largely from state-linked investors.
L Catterton hits first close on debut renminbi fund
L Catterton, a global private equity firm dedicated to consumer-focused investments, has reached a first close on its debut renminbi-denominated fund. The overall target is CNY 2bn (USD 275m).
China's Inspiration Capital closes Fund II on $82m
Inspiration Capital, a spinout from Qiming Venture Partners, has raised CNY 600m (USD 82m) for its second renminbi-denominated fund focused on cleantech and advanced manufacturing investments in China.
China's Bright Capital raises $137m
China-based venture capital firm Bright Capital has raised CNY 1bn (USD 137m) across two funds - its third renminbi-denominated vehicle and its first US dollar fund.
China fundraising: Onshore vs offshore
Raising capital for China strategies is difficult right now, regardless of currency, but are geopolitical forces enabling the rise of renminbi-denominated funds at the expense of the US dollar?
China's BA Capital raises $349m for latest renminbi fund
Black Ant Capital, also known as BA Capital, has closed its third renminbi-denominated fund on CNY 2.5bn (USD 349m), with commitments from independent fund-of-funds, government guidance funds, insurers, and corporates.
Shenzhen investors offered cash handouts for Hong Kong IPOs
Shenzhen-based venture capital investors will receive one-off cash rewards for taking companies public in Hong Kong and sponsoring special purpose acquisition companies (SPACs) that list on the territory’s stock exchange.
Renminbi GPs wary of government guidance funds as LPs
Chinese government guidance funds represent a potentially rich source of capital for managers in the renminbi-denominated space, but some are reluctant to take it, the Hong Kong Venture Capital & Private Equity Association's (HKVCA) China forum heard.
China’s Whale Capital achieves first close on food fund
Chinese consumer-focused VC firm Whale Capital has reached a first close of undisclosed size on its latest renminbi-denominated fund, which will specialise in the food industry. The target is CNY 500m (USD 73m).
Winreal hits $150m first close on China tech fund
Winreal Investment, a China-based venture capital firm established by a former chief engineer at domestic telecom equipment provider ZTE Corporation, has reached a first close of CNY 1.3bn (USD 150m) on its latest renminbi-denominated fund.
Fund focus: Qiming picks its moment
China’s Qiming Venture Partners more than doubled its fund size from the previous vintage, having launched the vehicle prior to the recent chaos and leveraged LP demand for the familiar
Qiming raises $3.2b across dollar, renminbi funds
China-focused VC firm Qiming Venture Partners has closed its eighth US dollar-denominated fund at the hard cap of USD 2.5bn – more than twice the size of the previous vintage – and raised CNY 4.7bn (USD 701m) for its latest renminbi vehicle.
Joy sets modest target for China VC fund - update
Beijing-based Joy Capital has set a lower target for its latest US dollar-denominated fund than in the previous vintage and decided against raising a second accompanying growth vehicle.
China's ZWC hits first close on debut renminbi fund
Chinese venture capital firm ZWC Partners has reached the first close of CNY 1bn (USD 149m) on its debut renminbi-denominated fund. The overall target is CNY 1.5bn.
China secondaries: Liquidity play
Under pressure to generate returns amid a challenging fundraising environment, Chinese GPs are beginning to revise pricing expectations to get traction with continuation funds
Cathay achieves $241m first close on renminbi fund
Cathay Capital Private Equity has reached a first close of CNY 1.6bn (USD 241m) on its second renminbi-denominated growth fund.