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-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.
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.
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 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.
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
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.
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.
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.
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 Capital Private Equity has reached a first close of CNY 1.6bn (USD 241m) on its second renminbi-denominated growth fund.
China-focused Primavera Capital Group is looking to raise approximately CNY 10bn (USD 1.5bn) for a carbon neutrality fund, emphasising the increased popularity of sustainability strategies among local private equity investors.
China-based BlueRun Ventures has closed its third US dollar-denominated China fund and third renminbi vehicle with aggregate commitments of CNY 5.5bn (USD 819m).
Huaxing Growth Capital, the private equity division of China Renaissance, has achieved a CNY 3bn (USD 446m) first close on its fourth flagship renminbi-denominated fund.
Cloudview Capital, a Chinese GP that previously operated as a joint venture with ICBC International, has completed a first close on its second renminbi-denominated Fund with CNY 2bn (USD 316m) in commitments.
Oriza Puhua, a China semiconductor-focused strategy under Oriza Holdings, has raised CNY 4.2bn (USD 660m) for its third renminbi-denominated fund.
In leading a USD 82m cross-currency restructuring of a consumer-tech portfolio managed by China’s Bright Capital, Foundation Private Equity opted for a structure that is unusual yet prioritises alignment
China’s River Head Capital has achieved a first close on its second Innovation Growth Fund, a renminbi-denominated vehicle that has an overall target of CNY 2bn (USD 135m).
Eastern Bell Capital has closed its second US dollar-denominated fund and its sixth renminbi-denominated fund with aggregate commitments of more than CNY 13bn (USD 2bn).
Legend Capital has reached a first close of $177 million on its third US dollar-denominated China healthcare fund. It is one of five vehicles the GP has in the market, including its recently launched ninth flagship technology, media, and telecom (TMT)...
China-focused VC firm Ameba Capital has closed its debut US dollar-denominated fund at $265 million, supported by a renminbi-to-US dollar secondary restructuring and a primary staple.
Chinese venture capital firm Source Code Capital has raised RMB7 billion ($1.1 billion) for its fifth renminbi-denominated fund after approximately three months in the market.
China’s securities regulator has pledged to crack down on illegal domestic private equity fundraising, specifically products that managers claim are aimed at qualified investors but they in fact distribute to the retail market.
Chinese technology and healthcare investor Oceanpine Capital has closed its Hardcore Technology Investment Fund on RMB2 billion ($312 million). LPs include government guidance funds and fund-of-funds in Suzhou, where the new vehicle is based.