Fundraising
Sinovation seeks $1b for China AI fund
Sinovation Ventures is looking to raise $1 billion for a growth-stage private equity fund that will focus on introducing artificial intelligence technologies (AI) to traditional industries.
SAIF India closes $400m VC fund, rebrands as Elevation Capital
SAIF Partners India has closed its fourth fund at $400 million within a few weeks of launch and rebranded as Elevation Capital.
Legend closes eighth China VC fund on $500m
Legend Capital has closed its eighth US dollar-denominated venture capital fund at the hard cap of $500 million, continuing the rich vein of China VC fundraising.
China guidance funds: Money monsters
Government guidance funds are the policy-driven big beasts in China’s renminbi-fundraising landscape. While GPs may have little choice but to engage, they can do so judiciously
FountainVest poised for first close on latest China fund
FountainVest Partners has set a target of $2.8 billion for its fourth China-focused fund, with a first close of more than $1 billion expected as soon as this week.
Asia fundraising: Be prepared
LPs are becoming more flexible in their due diligence, in certain cases backing managers where there has been no face-to-face interaction, but COVID-19 has underlined the importance of pre-fundraise engagement
AVCJ Awards 2020 - voting opens
Voting for the 2020 AVCJ Private Equity & Venture Capital Awards is now open and runs until November 3.
China's Source Code raises $567m for latest renminbi fund
Source Code Capital, a Chinese VC firm founded by Yi Cao, formerly a partner at Sequoia Capital China, has closed its fourth renminbi-denominated fund at RMB3.8 billion ($567 million).
Japan's Drone Fund secures anchor LPs for third vintage
Japan’s Drone Fund has reached a first close of undisclosed size on its third VC fund, with SMBC Nikko Securities and NTT Docomo coming in as anchor LPs. The target is JPY10 billion ($95 million).
Japan's aStart launches second dedicated space tech fund
Japanese VC investor aStart has raised JPY3.8 billion ($36 million) for its second fund dedicated to space tech. The vehicle remains open.
Hillhouse targets $12b for separate buyout, growth funds
China's Hillhouse Capital has split its current fundraising effort into separate buyout and growth strategies – having raised a single pool in the previous vintage – and is seeking $12 billion across the two funds.
Thailand’s 9 Basil raises $120m for debut fund
9 Basil, a Thailand-based GP launched last year by local multi-family office Blueprint Forest, has raised $120 million for its debut fund.
Japanese LPs stress importance of consistent deployment - AVCJ Forum
Institutional investors must maintain a reasonable pace of deployment in alternatives despite the coronavirus pandemic fostering economic uncertainty and hindering efforts to perform due diligence on managers, the AVCJ Japan Virtual Forum heard.
Polaris wins PSERS support for $1.4b Japan fund
Polaris Capital Group has won support from Pennsylvania Public School Employees’ Retirement System (PSERS) for a Japan buyout fund of up to JPY150 billion ($1.4 billion), twice the size of its 2016 vintage predecessor.
3Q analysis: Guarded reengagement
Fundraising focus shifts to China venture, but it’s the same polarization story; upturn in trade and secondary sales suggests the COVID-19 freeze is thawing; healthcare retains its investment appeal
Alternative fund structures: Alternate universe
Irregular fund structures, including single-asset platforms, are often the most appropriate inroad for investors in developing Asia. But it has taken a pandemic to bring them to the fore
China's Gaorong closes Fund V at $1.1b
Gaorong Capital has closed its fifth US dollar-denominated fund with commitments of $1.15 billion. It brings the Chinese venture capital firm's assets under management to about $4 billion.
Indonesia's AC Ventures hits first close on debut fund
AC Ventures, a recent merger of Indonesia’s Agaeti Ventures and Convergence Ventures, has reached a first close of $56 million for its debut fund as a combined group. The target is $80 million.
Fund focus: BA Capital backs youth
ByteDance spinout BA Capital has raised $147 million for its second renminbi-denominated fund and is also raising a US dollar vehicle. Backing consumer brands that resonate with young people underpins the investment thesis
Fund focus: CCV raises $300m for China fund
China Creation Ventures secures $300 million for Fund II, having found that some LPs are holding back on China commitments while others are even more willing to engage
SBI, Sygnum launch digital assets fund
SBI Ven Capital, an investment arm of Japan's SBI Group, has teamed up with digital asset bank Sygnum Group and launched an early-stage fund investing in digital assets across Southeast Asia and Europe.
SAIF launches fourth India VC fund
SAIF Partners India has launched its fourth VC fund with a target of $400 million.
Bain launches Japan fund
Bain Capital has launched a dedicated Japan fund with a target of JPY100 billion ($946 million) as local and foreign managers ready themselves for a much-anticipated rise in buyout deal flow in the country.
KKR beats target in ongoing Asia fundraise
KKR has surpassed the $12.5 billion target for its fourth pan-Asian buyout fund, with a final close expected at the end of this year or early in 2021.
