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.