Fundraising
China's Source Code confirms $1b close on US dollar funds
Source Code Capital has confirmed a final close of $1 billion on its latest set of US dollar-denominated funds, which takes the Chinese venture capital firm’s total assets under management to $2.5 billion.
B Capital expands into China, raises follow-on fund
US and Singapore-headquartered VC investor B Capital Group has established a China presence and closed a late-stage follow-on fund of $415 million for existing portfolio companies.
Trustar to launch China growth strategy
Trustar Capital, a Chinese middle-market private equity firm until recently known as CITIC Capital, is complementing its flagship buyout strategy with a growth capital-oriented fund.
Qingsong raises $153m for fourth China VC fund
Qingsong Fund, a Chinese venture capital firm formed by Xiaosong Liu, an angel investor and co-founder of Tencent Holdings, has closed its fourth renminbi-denominated fund with RMB1 billion ($153 million).
Fund focus: CityU promotes entrepreneur enablement
City University of Hong Kong plans to invest $64 million in creating 300 start-ups over the next three years, offering students and staff a more structured route to commercializing academic research
Deal focus: IvyCap’s timely 22x windfall
With the launch of its third fund a few weeks away, IvyCap Ventures leveraged strong investor interest in beauty e-commerce player Purplle to secure one of India’s largest rupee VC exits
Sequoia India raises $195m for latest seed fund
Sequoia Capital India has closed a second seed fund under its Surge accelerator program at $195 million. Like its predecessor, it will target start-ups in India and Southeast Asia.
Baring targets $8.5b for eighth pan-Asia fund
Baring Private Equity Asia is back in the market seeking $8.5 billion for its eighth pan-regional fund, less than 15 months after closing Fund VII at $6.5 billion.
Hony launches China healthcare, consumer SPAC
Hony Capital has joined a string of Chinese private equity managers with special purpose acquisition vehicles (SPACs), targeting $300 million for healthcare and consumer deals.
IFC to invest $25m in Gaja’s fourth India fund
The International Finance Corporation (IFC) has proposed a $25 million commitment to the fourth private equity fund from India’s Gaja Capital. The target corpus is $400 million.
Hong Kong's Gly Capital launches $300m mobility tech fund
Gly Capital, a Hong Kong-based investor controlled by Chinese auto giant Geely, has launched a $300 million mobility tech fund.
China VC player Source Code to raise $1b
Source Code Capital, a Chinese venture capital firm founded by Yi Cao (pictured), formerly of Sequoia Capital China, is set to raise $1 billion across two funds.
India's Ankur Capital raises $45.5m for Fund II
Indian early-stage technology investor Ankur Capital has reached an incremental close of INR3.3 billion ($45.5 million) against a target of INR3.5 billion.
Ant Capital seeks $461m for sixth Japan fund
Ant Capital Partners has set a hard cap of JPY50 billion ($461 million) for its sixth Japan buyout fund, with a first close on as much as half that total provisionally scheduled for the end of April.
Fund focus: See Fund backs university talent
Having launched his own start-up on campus, Song Yao of See Fund is returning to China’s academic institutions to look for the next generation of hard technology unicorns
Fund focus: Openspace says it with distributions
Openspace Ventures launched its $200 million third fund comfortable in the knowledge that the first two were top-quartile performers. IPOs, trade sales and partial secondary exits have all played a role
Shariah investors in PE: Tailored exposure
Employees Provident Fund’s $600 million shariah-compliant co-investment mandate suggests increasing institutional appetite for Islamic finance solutions in private equity. Is the industry ready?
SPACs in Asia: Out of the comfort zone
Several Asian stock exchanges will consider allowing SPAC offerings, but implementation may run contrary to their regulatory ethos – and there is no guarantee of a strong market response
L Catterton Asia raises SPAC for consumer deals
L Catterton Asia has raised $250 million for a special purpose acquisition company (SPAC) that will focus on high-growth consumer technology assets within the region.
Openspace raises $200m for third Southeast Asia VC fund
Openspace Ventures has closed its third Southeast Asia fund – which targets Series A and B rounds for companies with B2C and B2B technologies – at the hard cap of $200 million.
MDV, Kenanga launch $73m Malaysia fintech fund
Malaysia Debt Ventures (MDV) and Kenanga Investment Bank have launched a VC fund focused on the local financial technology space with a target of MYR300 million ($73 million).
US-Japan VC hits $75m first close on cross-border fund
SIP Global Partners, a US and Japan-headquartered VC firm, has reached a first close of $75 million on its debut cross-border fund. The target is $150 million.
Fund focus: Asia Partners eyes Southeast Asia's white space
The growth-stage funding gap is approximately $1.1 billion per year in Southeast Asia, according to Asia Partners. The GP now has $384 million in dry powder to try and fill it
Temasek agrees $500m tie-up with impact investor LeapFrog
Temasek Holdings has committed $500 million to Asia and Africa-focused impact investor LeapFrong Investments, which will see it participate as an anchor LP in the firm’s future funds.