CICC, Ascent Capital jointly to set up investment platform with $3b corpus

Beijing. Photo by zhang kaiyv on Unsplash

CICC Capital, the private equity (PE) fund management platform of Hong Kong-listed investment bank China International Capital Corporation (CICC), has tied up with Korea’s cross-border investment firm Ascent Capital to set up a private equity investment platform with a total corpus of $3 billion. 

CICC Ascent is set to seek opportunities across technology and consumption industries in Korea and China.

The partnership comes in at a time when CICC Capital is ramping up its efforts to develop its overseas markets. In March this year, the firm had forged a tie-up with global pharmaceutical and biotechnology giant AstraZeneca to launch a global healthcare fund that has made the first close at over 2.2 billion yuan ($345 million). 

“Through the joint investment fund, not only will we expect it can help Korea’s companies enter to China market, but also we hope the Korean enterprises can introduce new technology and business models to China and society,” said Ascent Capital CEO Bingyin Piao in a statement. 

The Seoul-based Ascent Capital specializes in cross-border investments in Asia, covering asset management, investment banking, and corporate restructuring. 

CICC Capital manages RMB- and USD-denominated funds in areas of venture capital, growth, buyout, fund of funds (FOF), and distressed investments. At the end of 2020, it recruited more than 300 investment professionals and managed over 350 billion yuan ($54.1) in total assets under management (AUM).

Recently, CICC Capital made headlines when it made big-ticket investments in two semiconductor firms – DERA and GTA Semiconductor – that raked in a total of 8 billion yuan ($1.26 billion).

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.