Cayman Islands-based Genbridge Capital, which has two members of JD.com’s M&A group in its founding team, is likely to receive an investment of up to $25 million from International Finance Corporation for its maiden fund.
The private investment arm of World Bank will be a part of the $500 million China-focused investment fund GenBridge Capital Fund I L.P, said IFC in a disclosure.
In an SEC filing last year, Genbridge Capital had disclosed its intent to raise a $500 million maiden fund. The General Partner of the Fund is GenBridge Capital Fund I GP, Ltd. The Fund will be managed by GenBridge Capital Management Company, Ltd. The Partners of the Fund are Messrs. Bin Chang, Hui Li and Xinzhao Zhang, it said.
The fund is targeted at investing in companies operating in consumer related sectors in China. It has already invested in one company which is a fresh food retailer in China, the name of which was not disclosed.
According to the IFC disclosure, the proposed pipeline of the fund consists of consumer goods distribution, retail and internet technology development.
IFC is expected to have a seat on the Fund’s Advisory Committee, and will be able to provide guidance on fund management. IFC further said it could provide additional funding through co-investment’s to the Fund’s portfolio or pipeline companies when these companies require additional capital.