Chinese asset manager Orient Jiafu reaches first close of PE fund at $85m

Photo by Micheile Henderson on Unsplash

Hangzhou Orient Jiafu Asset Management, an investment management platform launched by Chinese state-owned Zhejiang Orient Financial Holdings Group, announced on Monday that it has reached the first closing of a new private equity fund at over 600 million yuan ($85 million).

The new fund will primarily invest in the digital economy field with a focus on companies that develop new-generation information technology and help upgrade traditional industries, said the Hangzhou-based fund in a statement.

It received capital injections from limited partners (LPs) including a 2-billion-yuan ($283 million) fund financed by the local financial department in eastern China’s Zhejiang Province, as well as Chinese state-owned Hangzhou Capital and HZ Cultural Industry Investment.

The parent company, Zhejiang Orient Financial Holdings Group, and other investors also poured money into the vehicle.

Created in May 2016, Orient Jiafu currently has over 10 billion yuan ($1.41 billion) in assets under management (AUM). The Chinese state-backed investment platform has invested in startups like AI chip major Cambricon Technologies, big data solutions provider Boray Data, Beijing-based commercial satellite developer Satelliteherd, and Internet of Things (IoT) chip provider Xinyi Information Technology.

Besides its headquarters in Hangzhou, the company also has offices in Shanghai and Beijing.

Chen Wanxiang, the founding partner of Orient Jiafu, said in the statement that it took the fund nearly one year to complete the oversubscribed first closing – “a rare accomplishment” in the wake of China’s fundraising winter, market downturn and the impact of the pandemic.

“[The fund] also represents that the digital economy is growing into a new driving force behind the economic development and a new focus that the capital market will continue to track and invest in.”

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.