China’s Richland Capital closes third RMB fund at $109m

Photo by Kevin Lee/Bloomberg News

Richland Capital, a China-focused private equity firm targeting early to growth stage opportunities, has made the final closing of its third RMB-denominated venture fund at 700 million yuan ($109m), per an announcement.

The VC, which announced the first close of its third venture fund in July last year, will target investments in China’s industrial technology sectors.

The firm has received capital commitments from a slew of domestic limited partners (LPs) such as industrial zones developer Shanghai Xinjinshan Industrial Investment Development and Tsinghua Holdings-backed funds of funds Redbud Capital.

It has also attracted a line-up of international LPs including Singapore-headquartered paint and coatings specialist Nipsea Group, Belgian chemical company Solvay S.A., Japanese global chemical consortium Asahi Kasei Corporation’s China branch, French material giant Saint-Gobain, Saudi Arabian chemical major Saudi Basic Industries Corporation (SABIC), as well as Germany’s Henkel, Evonik Industries and BASF.

Richland Capital, set up in 2011, 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.

As of now, it claims to manage 3 billion yuan ($466 million) in assets and has invested in 40 startups. Its portfolio companies include Sequoia Capital China-backed DEER, Chinese chemical products manufacturer Rianlon, crystalline silicon solar cells maker CECEP Solar Energy Technology, high-end lasers supplier Suzhou Delphi Laser, auto design startup Launch Design, Sunrise Packaging Material, among others.

Earlier this month, other Chinese VCs that secured LP commitments comprise Source Code Capital which had secured over 7 billion yuan ($1.1 billion) for its fifth yuan fund, GLP China’s private equity platform Hidden Hill Capital, as well as Security Capital, an investment arm of QI-ANXIN Technology that reached the first close of its second RMB fund at 1 billion yuan ($155 million).

 

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.