Renminbi fund
Renminbi fundraising: Policy power
The launch of several huge government-backed funds has skewed renminbi-denominated fundraising in China. What does their arrival mean for valuations and for the nascent independent LP community?
China launches $15b internet investment fund
China’s Ministry of Finance and the Cyberspace Administration of China (CAC) - the country's internet oversight agency - have launched an internet-related investment fund with a target of RMB100 billion ($15 billion).
CDH closes China mid-market fund at $800m hard cap
CDH Investments has closed its China mid-market fund at the hard cap of $800 million, beating the target of $600 million. The vehicle will allow the GP to pursue opportunities that fall below the minimum check size for its flagship private equity fund.
China Merchants unit commits $13m to AI fund
China Merchants China Direct Investments (CMCDI), a Hong Kong-listed investment entity managed by China Merchants Group and First Eastern Investment Group, has committed RMB90 million ($13 million) to a fund that will target internet and artificial intelligence...
China’s Redbud Capital launches $150m VC fund-of-funds
Redbud Capital, a VC fund-of-funds unit under Tsinghua Holdings, has launched a new vehicle worth RMB1 billion ($150 million) with several government-backed agencies to invest in China venture capital funds.
China Everbright to receive investment mandate from NSSF
China Everbright (CEL), the Hong Kong-listed multi-platform asset manager backed by state-owned China Everbright Group, is set to receive a separate account mandate from the National Council for Social Security Fund (NSSF), China’s largest pension fund.
Shoreline spin-out DCL raises $500m China distress fund
DCL Investments, a spin-out from China-focused distressed debt and special situations investor Shoreline Capital, has closed its debut fund with more than RMB3.7 billion ($500 million) in commitments.
3Q analysis: Deep pockets of the state
Fundraising hits a record quarterly high, thanks entirely to Chinese government-backed vehicles; Australia, Southeast Asia compensate for investment slowdown in China; India shines on exits
China’s Zoomlion launches $481m industry investment fund
Zoomlion Heavy Industry Science and Technology, a China-based construction machinery maker, has launched an industry PE fund with an overall target of RMB3.21 billion ($481 million).
China launches $52.5b SOE restructuring fund
China has launched a RMB350 billion ($52.5 billion) private equity fund to restructure state-owned enterprises (SOEs) as part of efforts to improve operational efficiency and encourage industry consolidation.
ABF’s China cane sugar business sold to PE-backed consortium
Associated British Foods (ABF), a UK-based food processing and retailing company, has agreed to sell its cane sugar business in southern China to a PE-backed consortium led by Shenzhen-listed Nanning Sugar Industry for RMB1.68 billion ($252 million).
China’s Sinovation Ventures raises $674m across two funds
Chinese early-stage VC firm Sinovation Ventures, formerly Innovation Works, has closed its third US dollar-denominated fund and second renminbi fund, with more than $674 million in aggregate commitments.
Innovation Works launches fund with China’s Zall Group
China-based early-stage investor Innovation Works, which was founded by former Google China head Kai-Fu Lee, has teamed up with Hong Kong-listed real estate developer Zall Group to launch a private equity fund.
China local supermarket O2O player raises $195m
Huimin, a Chinese B2B e-commerce platform that focuses on small-scale supermarkets, has raised a RMB1.3 billion ($195 million) Series B round from a group of renminbi fund managers including Fortune Capital.
IDG-Everbright fund buys Shanghai Film Art Academy
China Everbright (CEL) and IDG Capital Partners have acquired a controlling stake in the Shanghai Film Art Academy for an undisclosed sum.
China Everbright, Focus Media form $750m TMT fund
China Everbright and its portfolio company Focus Media, a Chinese outdoor advertising business, have launched a RMB5 billion ($750 million) investment fund that will invest in the technology, media and telecom (TMT) sector.
CDH closes $525m renminbi mezzanine fund
China-based CDH Investments has closed its latest renminbi-denominated mezzanine fund at RMB3.5 billion ($525 million), exceeding a target of RMB2 billion.
China state asset manager launches $30b VC fund
Chinese Reform Holdings Corporation (CRHC), a Chinese state-owned asset manager, has launched a government-backed venture capital fund with a target of RMB200 billion ($30 billion).
China’s K2VC closes $150m growth-stage RMB fund
K2VC, a Chinese early stage VC firm, has closed a new renminbi-denominated fund worth RMB1 billion ($150 million). It will target investments in growth-stage Chinese start-ups.
China female social networking site Meet You raises $151m
Meet You, a Chinese social networking platform for women, has completed a new round of funding worth RMB1 billion ($151 million), having removed its variable interest entity (VIE) structure in preparation for an onshore listing.
China’s AMAC clamps down on domestic private funds
The Asset Management Association of China (AMAC) – an industry body set up by the securities regulator – has cancelled the registrations of more than 10,000 domestic private fund firms in the past six months as part of ongoing efforts to combat illegal...
Chinese regulator to ban domestic VC firms from investing in A-shares
The Chinese government is considering new policies that could ban VC firms from investing in A-share listed companies, a senior official from the China Securities Regulatory Commission (CSRC) told an industry conference.
Alibaba Pictures launches $300m TV, movie fund
Alibaba Pictures, the Chinese internet giant’s Hong Kong-listed film and entertainment unit, has launched a RMB2 billion ($300 million) fund that will make movie and TV-related investments.
Gopher, Perfect World launch $300m China media M&A fund
Gopher Asset Management, the PE arm of Noah Holdings, has teamed up with Chinese movies-to-gaming company Perfect World to launch a media and culture M&A fund that has a target of RMB2 billion ($300 million).