China’s Fresh Capital makes first close of second RMB fund at over $93m

Fresh Capital, known for investments in the tech-driven consumer industry and circular economy, announced on Monday the first closing of its new RMB-denominated fund at over 600 million yuan ($93 million). 

The firm plans to make the final close of the proposed fund by the end of 2021, per a WeChat post. 

The capital for its new fund has been so far raised from limited partners (LPs) such as government funds, funds of funds, industry funds and family offices, among others.

Fresh Capital’s second RMB fund, which was launched in July 2020, has made two investments to date. Earlier this year, in January, Fresh Capital joined hands with private equity fund Yitang Changhou to invest in online video giant IQiyi’s virtual reality equipment arm. 

Prior to that, in September 2020, Fresh Capital participated in the Series E+ round of JD.com-backed recycling operator Wanwu Xinsheng (formerly known as Aihuishou). The company raised over $100 million in the said round.

Fresh Capital is betting big on startups in the tech-driven consumer industry and circular economy.

Fresh Capital raised its maiden RMB fund at 530 million yuan ($82 million) in July 2019. Around the same time, it also set up its first USD-denominated fund.

Fresh Capital was set up in 2017 by Steven Hu and Xiao Xiao who have had worked with Chinese global cross-border PE firm Cathay Capital. The firm specialises in early and mid-stage investments.

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.