PE Weekly | News and Events in Chinese PE Market (2021.4.5–2021.4.11)

This week (2021.4.5–2021.4.11), PE Weekly covers Fundraising news on PE market.

Fundraising

Hangzhou Sets up Fund of Funds Worth $15.3 Billion

9 April 2021 — — Hangzhou, the capital city of China’s eastern province Zhejiang, announced to launch a CNY 100 billion ($15.3 billion) fund of funds to promote the clustering of major industrial projects in the city during China’s Fourteenth Five-Year Plan. Read more…

China’s Baotou City Rolls Out $153 Million Guidance Fund for Emerging Industries

9April 2021 — — Dubbed Baotou Shiguai District Innovation Industrial Guidance Fund (LP), the first government-guided fund launched by district-level government in the city has finished the registration to Asset Management Association of China. The CNY 1 billion ($152.6 million) fund targets CNY 500 million ($76.3 million) in the first close. It will eye on the investments in strategic emerging industries such as new infrastructure, new energy, new material, energy saving and environmental protection, high-end equipment, cloud computing, IoT services, and biomedicine. Read more…

ByteDance-Backer Source Code Capital Raises $1 Billion for Latest Venture Funds

6 April 2021 — — Venture capital firm Source Code Capital, which has backed Chinese tech upstarts such as TikTok owner ByteDance announced that it has raised $1 billion for its latest USD-denominated funds. All of the firm’s existing limited partners (LPs) invested in the new vehicle. The fundraise brings the firm’s assets under management to $2.5 billion and CNY 8.8 billion ($1.3 billion) across multiple dual-currency funds. Source Capital will continue to make early- and growth- stage investments in the areas of internet+, AI+, and global+ after the fundraise. Read more…

China’s Long Hill Capital Closes Third USD Fund at Over $300 Million

6 April 2021 — — Healthcare-focused Chinese venture capital firm Long Hill Capital announced that it has secured over $300 million for its third USD-denominated fund. The fund, which is Long Hill’s largest to date, received capital commitments from global pensions, endowments, foundations, financial institutions, family offices and funds of funds. Within its target sector, the firm focuses on the themes of healthcare services, technology, enabling infrastructure, consumer wellness and health, and new aging. Read more…

China’s Fosun International Launches $153 Million Private Equity Fund in Chongqing

6 April 2021 — — Initiated and managed by Shanghai Fosun Capital Investment Management Co., Ltd, Fosun International’s private equity fund was inaugurated in Chongqing, a southwestern provincial-level city. Receiving capital commitments from both local funds and two enterprises, the CNY 1-billion ($152.6 million) fund targets mainly at the investments in emerging fields such as new-generation information technology, smart manufacturing, high-end equipment, new material, new energy, and industrial internet. Read more…

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