US pension fund commits $30m to IDG Capital’s sixth China venture fund

Chinese Yuan notes. Photo: Reuters

US pension fund Delaware Public Employees’ Retirement System (DPERS) has committed $30 million to IDG Capital’s China Venture Capital Fund VI, the fund’s recently released board meeting minutes show.

The commitment was part of a total of $80 million investment approved by the fund’s managers during a February 28 meeting. Aside from IDG Capital, DPERS’s board also approved a commitment of up to $50 million to Flagship Pioneering Origination Fund VII, a life sciences venture capital fund.

The $11-billion pension fund’s actual allocation to alternative investments was 22.4 per cent as of June 30.

IDG’s China Venture Capital Fund VI focuses on making early-stage technology, media and telecom investments in China. The Beijing-headquartered investment firm filed with the US SEC in March to raise $688 million for the new fund.

The commitment was DPERS’ second investment in IDG. In 2017, the pension fund committed $30 million to IDG China Venture Capital Fund V. Texas Country & District Retirement System had also committed $30 million to Fund V.

IDG’s Fund IV closed in 2014 at $586 million, exceeding its original target. Breyer Capital, the global investment and venture philanthropy firm founded by Jim Breyer, participated in the funding round.

IDG Capital entered China in 1993 as the country’s first technology venture capital and private equity investment firm. It has invested in many companies that went on to become leaders in their respective markets.

More than 100 portfolio companies have gone public or have been acquired, including Baidu, Tencent, Sohu, SouFun, Qihu 360, Baofeng, Xiaomi, and CreditEase.

The company invests in a wide range of industries and in companies at all development stages: startup, growth, maturity, pre-IPO, and post-IPO. The firm focuses on five strategic industry segments: Internet, Mobile & Tech, Modern Services & Brands, Healthcare, and Industrial Tech & Resources.

Early this month, IDG Capital anchored the Series C funding round for global cryptocurrency platform Liquid, propelling the Japanese tech company into the unicorn club with a valuation of more than $1 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.