China’s Vision Plus Capital hits first close of fund III at $400m, to expand investment scope

Hangzhou, China. Source: Sam Sabri/Unsplash

Vision Plus Capital on Wednesday announced the first closing of its third fund at over $400 million, bringing the total capital managed by the Chinese dual-currency venture capital firm to more than $1.2 billion.

Hangzhou-based Vision Plus Capital, which has over 100 portfolio companies, attracted capital injections from sovereign wealth funds, technology companies, international pension funds, fund of funds (FOFs), and family offices. It aims to close the third fund at over $450 million, said the company in a WeChat post.

Previously focused on startups at Series A and B round, Vision Plus Capital intends to expand the investment scope for the third vehicle to also cover growth-stage companies after Series C round as it attempts to “further enhance its comprehensive competitiveness in the market.”

The third fund comes less than two years after the company closed the predecessor fund, Vision Plus Capital Fund II, at more than $500 million in May 2018.

Vision Plus Capital was established in August 2015 by Eddie Wu Yongming, one of the co-founders of Chinese e-commerce giant Alibaba. The company mainly makes investments in the fields of new consumption, corporate services, digital healthcare, and advanced technologies.

Some of its prominent portfolio companies include Chinese elevator-ad unicorn Xinchao Media, electric vehicle maker CHJ Automotive, speech recognition major AI Speech, fresh produce delivery platform Missfresh, and Danke Apartment, which is listed on the New York Stock Exchange (NYSE) under the name “Phoenix Tree Holdings Limited.”

“Although the current macroeconomic condition is volatile and the capital market is undergoing the impact of multiple factors including the coronavirus epidemic, we firmly believe in the long-term development potential of China’s overall digital economy,” said Wu, founder, partner and chairman of Vision Plus Capital, in the post. “The new fund, once closed, will continue to invest in the Chinese innovative technology industry.”

“We believe that the penetration of the digital economy will be strengthened after the epidemic is contained. More consumers and corporates will further embrace the internet innovation,” said Wu. “The reconstruction and digitalization across all walks of life will bring more entrepreneurial and investment opportunities.”

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.