Industry
Fund focus: Sky9 seeks early-stage differentiation
Having raised two VC funds with Lightspeed China Partners, Ron Cao has closed his first at Sky9 Capital with $200 million in commitments. The industry dynamics have changed, but Cao is sticking to his early-stage roots
Australia's NAB to sell MLC wealth management arm
National Australia Bank (NAB) has confirmed it will sell MLC, a wealth management unit that operates the country’s largest retail superannuation fund.
ESG: Policy pitfalls
Environmental, social and governance management must be handled properly to leverage its promised performance improvements. Risks around poor execution cut across all aspects of private equity
HQ raises $250m for Asia secondaries fund
HQ Capital has closed an Asia-focused secondaries fund at the hard cap of $250 million as part of an oversubscribed global fundraising drive that has received $674 million in third-party commitments.
Fund focus: Pencarrow underlines New Zealand interest
Pencarrow Private Equity closed its fifth fund at $176 million without the support of long-time backer New Zealand Superannuation Fund. Other LPs were happy to come in for a piece of the country's lucrative middle market
India's Unitus reaches $15m first close on second impact fund
Indian VC firm Unitus Ventures (formerly Unitus Seed Fund) has reached a first close of INR1 billion ($15 million) for its second early-stage impact investment fund.
China's Decheng targets $450m for third fund
Chinese healthcare and life sciences-focused GP Decheng Capital is targeting $450 million for its third US dollar-denominated fund.
Singapore's Dymon closes Fund II at $450m
Singapore-based Dymon Asia Private Equity (DAPE) has closed its second fund targeting lower middle-market companies in Southeast Asia with $450 million in commitments. It had initially targeted a corpus of $350 million.
PennSERS to invest $75m in Hahn & Co's Korea fund
Pennsylvania State Employees’ Retirement System (PennSERS) has agreed to commit up to $75 million to Hahn & Company’s third Korea-focused fund.
China's Baidu to establish internet, AI-focused fund
Chinese search giant Baidu has announced plans for an investment fund that will concentrate on start-ups with pan-internet and artificial intelligence (AI) strategies. The vehicle – known as Changcheng Investment Partners – will have initial capital of...
AVCJ daily bulletin returns May 2
AVCJ's daily bulletin will not be published on Tuesday May 1 due to the Labor Day public holiday in Hong Kong.
China VC specialization to accelerate as ecosystem expands
China’s venture capital ecosystem is set to see a rapid proliferation of niche sector funds as overall economic growth piques domestic competition in the asset class.
New Zealand's Pencarrow closes Fund V at $176m
New Zealand-based Pencarrow Private Equity has reached a first and final close of NZ$250 million ($176 million) for its fifth fund after eight weeks on the market. It had targeted a corpus of NZ$200 million.
NSI goes independent, rebrands as Openspace Ventures
NSI Ventures, a Southeast Asian early-stage investor affiliated to Northstar Group, is to become fully independent and rebrand itself as Openspace Ventures.
Japan's D4V closes debut venture fund at $46m
D4V, a firm set up by Japanese seed-stage investor Genuine Startups and US-based design consultancy Ideo, has closed its debut venture capital fund with more than JPY5 billion ($46 million) in commitments.
Sinovation confirms Fund IV close at $500m
Chinese VC firm Sinovation Ventures has confirmed a final close for its fourth fund at the targeted corpus of $500 million.
CPPIB promotes Kim in Asia leadership reshuffle
Canada Pension Plan Investment Board (CPPIB) has promoted Suyi Kim to the role of senior managing director and head of Asia Pacific, along with additional changes in the firm’s Asian leadership.
Fund focus: Qiming sees growing opportunity set
Qiming has chosen to stick to its successful formula with its sixth US dollar-denominated vehicle, which recently closed at $935 million
Valuation standards: Counting their blessings
Asian GPs’ portfolio valuation practices remain largely opaque, despite the value of standard frameworks. LP demand will be key to moving the industry in a more transparent direction
Eight Roads launches $275m China tech fund
Eight Roads Ventures, the proprietary investment arm of Fidelity International, has launched a China-focused technology fund worth $275 million. The parent company is the sole LP.
Ron Cao's Sky9 raises $200m for China VC fund
Sky9 Capital, a venture capital firm established by Ron Cao (pictured), formerly of Lightspeed China, has closed its debut US dollar-denominated fund at $200 million.
Shenzhen government launches $79m blockchain fund
The government of Shenzhen has launched a VC fund with an initial corpus of RMB500 million ($79 million) to invest in blockchain start-ups in the city.
PE to find few inroads in renewable energy
Renewable energy appears set to remain a fringe interest for private equity investors despite rapid sector growth and significant opportunity for disruption.
Hong Kong to accept New Third Board companies
Chinese companies listed on the National Equities Exchange & Quotation (NEEQ) – a market aimed at smaller, less proven companies and qualified investors – will be encouraged to go public in Hong Kong.