Shenzhen-based early-stage venture capital firm Qingsong Fund said on Wednesday that it has closed its fourth RMB-denominated fund for an aggregate of 1 billion yuan ($152 million).
The latest capital commitments have come from Time Publishing and Media, Qianhai Inno-Tech Investment, an investment fund run by the Shenzhen government and other marquee limited partners (LPs), Qingsong Fund said in a WeChat post.
The VC had kicked off the fundraising process for the fourth fund in December 2019, setting a target to raise 1 billion yuan ($152 million) from government-guided funds, funds of funds (FOFs), family offices, private enterprises, and high net-worth individuals.
Qingsong will continue to focus on early- and growth-stage investments for new technology and new consumption ecosystems.
As of now, the fourth fund has poured capital into startups such as electronic components-based internet platform JustFit, automobile industry-driven Zhaochi Supply Chain, beauty care brand PolyVoly, and Yisun Technology.
Qingsong also announced that it is launching a second tech fund named Qingsong Wisdom Fund, which is aimed to make investments in AI and big data. In December 2019, Qingsong had closed its maiden tech fund at 300 million yuan ($46 million).
Qingsong Fund, set up in 2012, specialises in investments related to innovative technology, new consumption, culture, and education. It has so far had over 3 billion yuan ($457 million) in assets under management and managed six funds.
It has provided financial support to nearly 200 startups, and some of its prominent portfolio companies include Warburg Pincus-backed Chinese K12 online tutoring platform Zhangmen, skincare brand HomeFacial Pro, online education startup Onion Math, and optoelectronic semiconductor Berxel, among others.
As of 2020, the VC made exits from eight projects amassing a cumulative 700 million yuan ($107 million).