China’s Security Capital closes $94m new fund to back internet security firms

Security Capital, a private equity firm launched by Chinese internet security major Qi An Xin Group, announced on Monday that it has raised 650 million yuan ($94 million) for a new fund to back innovative internet security services and technologies in China.

Limited partners include Qi An Xin Group, a fund of funds (FOF) management platform of Chinese one-stop investment services provider Zero2IPO Group, and Shanghai-based equity asset manager PH Capital, according to Economic Information Daily, an online publication held by Chinese government mouthpiece Xinhua News Agency.

A group of government-linked companies, such as Beijing Financial Street Capital Operation Centre (BFS), ITG Assets, an affiliate of state-owned Xiamen ITG Holding Group, and National Emerging Industry Venture Capital Guidance Fund, which was set up by Beijing in 2015 and closed at nearly 18 billion yuan ($2.61 billion) in May 2017, also poured money into the vehicle.

Security Capital will primarily make investments in the two major fields of new internet security services and technologies in 2020. The company plans to focus on data security, internet of things (IoT) security, security intelligence, and identity management sectors.

The new fund already invested in nearly 10 companies in China, including internet security firm Beijing Integrity Technology, Beijing-based industrial security solutions provider Winicssec, mobile internet firm Blueix Company Limited, Shanghai-based Information & Data Security Solutions (IDSS), security intelligence service provider TianJi Partners, and CyberSky, which delivers cybersecurity management and analysis platforms.

Some of these portfolio companies have plans to apply for an initial public offering (IPO) on the STAR Market, according to the report.

Qi An Xin Group was established in 2014 as a spin-off from 360 Security Technology, a Chinese internet security provider known for its antivirus software, web browser, and mobile application store. The company, led by 360 co-founder Qi Xiangdong, offers enterprise-level internet security technologies, products and services to government institutions, enterprises, as well as educational and financial institutions.

The firm claims that its offerings cover over 90 per cent central government departments, national enterprises, and large-scale commercial banks in China. It has presences in mainland, Hong Kong, Indonesia, Singapore, Canada and other regions, shows the company website.

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.