Jack Ma-backed Yunfeng takes part in $817m deal in Suning Finance

Shanghai. Photo by zhang kaiyv on Unsplash

Yunfeng Capital, a private equity firm co-founded by Jack Ma from Alibaba group and 15 other investors, has joined a $817-million investment round in Suning Finance, a financial service unit of Suning Commerce Group, one of China’s largest electronics retailers, the AVCJ reported.

The investment accounts for a $16.5 percent stake in Suning Finance.

The Shanghai-headquartered Yunfeng Capital is co-founded and chaired by David Yu and focuses on areas relating to technology, medic and telecommunications, consumer products and healthcare. The firm also has offices in Hong Kong, Beijing, Hangzhou and other cities in China.

Yunfeng manages a number of funds in US dollar, RMB and as special funds. The team sees potential in young entrepreneurs as the next generation industry leaders and its recent investment was a RMB450 million ($68 million) Series A in China’s artificial intelligence chip maker, Shanghai Think Force Electronic Technology.

The firm is also the major shareholder in Enova Holdings Ltd, regional partner in electric racing Formula E.

Some of the portfolio companies of Yunfeng include MassMultual Asia in which Yunfeng participated in the $1.7 billion acquisition. Shanghai-based Qiniuyun, a cloud storage firm also raised a RMB1 billion ($152 million) investment led by Yunfeng.

In November 2017, Yunfeng Capital announced the reach of $100 billion in assets and is among the top PE firms like the Blackstone Group, Apollo Global Management, The Carlyle Group and KKR that are managing over $100 billion.

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