China: Unicorn Capital Partners closes $210m debut fund

Unicorn Capital Partners, a China-focussed venture capital firm, has closed its debut fund at about $210 million.

The fund will act as a fund-of-funds, i.e., it will invest in venture fund managers who in turn will fund startups, said a report in the China Money Network.

The Hong Kong-based firm is led by Kah Fai Low, a former director at Singapore-based Eagle Asia Partners, and Tommy Yip, a former partner and head of North Asia for private equity fund-of-funds manager Emerald Hill Capital Partners.

The aim of the fund is to invest only in potential unicorns, or startups that are worth over a billion dollars.

The term ‘unicorn’ was coined by Cowboy Ventures founder Aileen Lee in a Novenmber 2013 post. At that time, there were 39 of such startups, all of them US-based software companies founded after 2003.

More than two-and-half years later, there are more than 160 unicorns around the world with a cumulative valuation of $564 billion.

The most valuable among them is Uber, the ride-hailing app that raised about $8 billion at a valuation of $62 billion.

Yip left Emerald Hill in January 2015 to start Unicorn Capital. The firm backs emerging venture capital funds that invest in technology startups with the potential to become unicorns.

Before becoming an investor, Yip was vice president of research at Asian Venture Capital Journal.

 

Also read:

Felda scraps earlier deal, in talks with Rajawali for different investment in Eagle High

Keen to get onboard the unicorn bus, VCs take seed route in 2015

China’s Molbase closes Series C investment led by Sequoia Capital China & TBP Capital

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.