Mengyang Yang, an executive director and head of private equity in Hong Kong at CICC Capital, on China’s post-pandemic revival, plans for a flagship US dollar fund, and managing guidance funds
Emerging markets-focused private equity firm Affirma Capital has reached a first close of approximately CNY 1.5bn (USD 215m) on its debut renminbi-denominated fund.
Rokid, a China-based company specialising in augmented reality (AR) technology, has raised CNY384m（USD53mn）across two tranches, largely from state-linked investors.
L Catterton, a global private equity firm dedicated to consumer-focused investments, has reached a first close on its debut renminbi-denominated fund. The overall target is CNY 2bn (USD 275m).
Inspiration Capital, a spinout from Qiming Venture Partners, has raised CNY 600m (USD 82m) for its second renminbi-denominated fund focused on cleantech and advanced manufacturing investments in China.
China-based venture capital firm Bright Capital has raised CNY 1bn (USD 137m) across two funds - its third renminbi-denominated vehicle and its first US dollar fund.
Raising capital for China strategies is difficult right now, regardless of currency, but are geopolitical forces enabling the rise of renminbi-denominated funds at the expense of the US dollar?
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