Cayman Islands-based Genbridge Capital has achieved its debut fund target raising $500 million hard-cap, backed by limited partners GIC Private Ltd, Asia Alternatives Management, and International Finance Corp (IFC), a source familiar with the deal told DEALSTREETASIA.
Other investors include several groups from North America, Europe, and Asia.
Founded by former members of JD.com’s M&A group ― Bin Chang, Sidney Huang, Hui Li and Xinzhao Zhang ― they served as general partners in GenBridge Capital Fund I LP, which is a China consumer-focused mid-market fund.
The fund was launched last year and has already invested in a China-based fresh food retailer.
IFC last September announced that it is willing to invest up to $25 million in the fund. It disclosed the proposed pipeline of the fund consists of consumer goods distribution, retail and internet technology development.
IFC was even reported to expect to have a seat on the fund’s advisory committee, to able to provide guidance on fund management.