Richland Capital hits first close of third fund targeting China’s industrial tech bets

Beijing-based Richland Capital has reached the first closing of its third venture fund as the company targets to raise its stake in the Chinese industrial technology field.

Limited partners (LPs) of the third fund include Singapore-based paint and coatings specialist Nipsea Group, Belgian chemical company Solvay S.A., Shanghai Xinjinshan Industrial Investment Development, a developer and services provider of industrial zones in China, and domestic entrepreneurs, said Richland Capital in a WeChat post on Thursday.

Redbud Capital, which had injected capital into Richland’s second fund, continued to invest in the third fund. Redbud Capital is a venture capital fund of funds (FoF) backed by Tsinghua Holdings, a Chinese state-owned in-house asset management firm for subsidiaries of public university Tsinghua University.

Beijing-based Richland Capital did not disclose the size of the first closing. It did not immediately respond to DealStreetAsia’s inquiries for more details.

“The capital market is suffering from adverse impacts caused by various factors including the pandemic. But Richland Capital will remain upbeat on the overall, long-term development potential of China’s industrial technologies,” said Cheng Yong, founding partner of Richland Capital, in the post. Cheng said that the third fund will start making investments by the end of July.

Founded in 2011, Richland Capital primarily invests in the fields of new materials, high-end equipment, and digital technology with a focus on semiconductor, 5G, AI, laser industrial automation, and new energy vehicles.

Its portfolio companies include Shenzhen-listed optical films and functional film developer Ningbo Exciton Technology, Chinese chemical products manufacturer Rianlon, crystalline silicon solar cells maker CECEP Solar Energy Technology, online liquor marketplace Jiuxianwang E-Commerce Corporation, and Hangzhou-based CASIRIS, which manufactures pure laser display products in China.

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.

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Following vacancies can be applied for (only in Singapore).   

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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.