China’s Northern Light secures nearly $309m for its fourth RMB fund

Northern Light Venture Capital (NLVC), which backs early-stage startups in China and the US, has made the final close of its fourth RMB-denominated fund at nearly 2 billion yuan ($309 million), the VC announced on Thursday.

RMB Fund IV, which is oversubscribed, received its capital commitment from its existing limited partners (LPs), most of who are local government-led industry funds, leading insurance groups and funds of funds. 

NLVC earlier raised a total of $700 million for its US dollar Fund VI and RMB Fund IV in June this year. 

NLVC, established in 2005 in Beijing, supports early-stage startups primarily across China and the US.

With the new fund, NLVC will continue to invest in early-stage businesses, with special focus on three sectors – TMT, advanced technology, healthcare. 

NLVC claims to have invested in over 400 startups including New York-listed Tencent Music, consumer products and retail services major Meituan, life science and genomics organisation BGI, leading OS technology developer ThunderSoft, global clinical-stage biopharmaceutical firm Connect Biopharma, among others. 

In September alone, NLVC backed five deals such as innovative drugs maker VesiCURE Therapeutics’100 million yuan ($15 million) angel round, software-defined storage solutions developer XSKY’s 710 million yuan ($110 million) Series E round. 

With about 30 billion yuan ($4.5 billion) in its assets under managements, NLVC has managed 10 dual-currency funds including six dollar funds and four yuan funds. 

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.