<article>Venture capital firm B Capital Group has raised $415 million for a new fund that will provide follow-on capital to high-performing portfolio companies, it announced on Thursday.</article>

Venture capital firm B Capital Group has raised $415 million for a new fund that will provide follow-on capital to high-performing portfolio companies, it announced on Thursday.
The fund is the firm’s first formally dedicated to late-growth and late-stage investing. It brings the VC&#8217;s total assets under management (AUM) to $1.9 billion.
DealStreetAsia had in September <a href="https://www.dealstreetasia.com/stories/b-capital-opportunities-fund-206315/">reported</a> that B Capital was in the market to raise an opportunities fund – industry parlance for funds that seek to provide additional capital to top companies in VCs&#8217; existing portfolios – and was seeking to raise $350 million for it.
The VC firm, which focuses on B2B and B2B2C investments, has been on a fundraising spree. It is currently in the market for a <a href="https://www.dealstreetasia.com/stories/b-capital-first-close-venture-fund-230699/">seed-to-Series A fund</a> with a $150-million target. The vehicle is on track to be oversubscribed and the firm may increase its size to $200 million, industry executives aware of the development said.
In June, the venture firm had closed its <a href="https://www.dealstreetasia.com/stories/bcapital-second-fund-195128/">second global fund at $821.79 million</a>, which was understood to have closed significantly above its initial target of $600 million.
B Capital has also <a href="https://www.dealstreetasia.com/stories/b-capital-spac-ipo-filing-228514/">joined the SPAC boom,</a> having filed with the US Securities Exchange Commission (SEC) to raise $300 million on Nasdaq to acquire technology businesses in customer enablement, financial services, health and wellness, and industrial and transportation.
The venture firm&#8217;s moves to launch funds across multiple stages are mirrored in Southeast Asia where local VCs are expanding their ambits amid growing investor interest in the region.
Southeast Asian funds such as Openspace Ventures and Monk&#8217;s Hill Ventures have recently gone on to raise opportunity funds for their portfolio, all of which have grown tremendously in size but are nowhere close to the stage of approaching an IPO and trade sale exit yet.
<h3>Former Vision Fund exec to lead B Capital&#8217;s China ops</h3>
The firm on Thursday also announced it is formally launching its operations in China under new general partner Daisy Cai, who joins from SoftBank Vision Fund.
A Goldman Sachs alum, Cai was earlier a partner at Gaocheng Capital, Baidu Capital and Baidu Ventures. Her team will focus on investments in early- and growth-stage Chinese technology companies.
&#8220;The B Capital China team will look to invest in data-driven and software-defined businesses that will empower the country’s rapid digital transformation. Healthcare is another strategic focus as B Capital has a track record of successful investing and helping startups with go-to-market and commercialization,&#8221; Cai said in a statement.
The venture firm said it plans to increase its investment activity in India and Indonesia but furnished no additional details.
In the last year, B Capital more than doubled the size of its global team after adding several new partners and key leaders in its investing, operations, and platform teams. In 2020, it added entrepreneur Arijit Sengupta as an operating partner in Singapore and Rashmi Gopinath as a partner in San Francisco. In 2019, it had roped in Menka Sajnani from Singapore-based VC Jungle Ventures to lead fundraising and investor relations.
B Capital, which has offices in San Francisco, New York, Los Angeles and Singapore, invests in companies in enterprise technology, fintech, healthtech, consumer enablement technology, and transportation and logistics. Some notable Asian startups within its portfolio include Ninja Van, Blackbuck, Synack, Khatabook and CXA Group.
The firm is backed by Boston Consulting Group (BCG), which also helps it connect founders with corporates for mutually beneficial business partnerships.

The VC has formally launched its operations in China under general partner Daisy Cai, who joins from SoftBank Vision Fund. 

B Capital raises $415m to back later-stage portfolio firms, expands to China

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B Capital raises $415m to back later-stage portfolio firms, expands to China

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