China’s Vision Plus Capital closes third RMB fund at $315m

Source: Eric Prouzet/Unsplash.

Vision Plus Capital, a Chinese dual currency venture capital (VC) firm, announced on Wednesday that it has made the final close of its third RMB-denominated fund at 2 billion yuan ($315 million). 

Capital commitments have been derived from existing limited partners (LPs) including tech firms, funds of funds and state-backed industry funds. The VC has also attracted a slew of investors namely China SME Development Fund, Hangzhou Hi-Tech Investment, Hangzhou Capital and Yuhang Financial Holdings. 

Founded by former Alibaba co-founder Eddie Wu in 2015, Vision Plus Capital focuses on investments in areas associated with enterprise services, digital healthcare, advanced technology and new-age consumption.

As of now, it has invested in over 130 firms including Nasdaq-listed electric vehicles (EV) maker Lixiang Automotive, New York-listed Tuya, power bank player Xiaodian, and voice recognition startup AISpeech, among others. 

Prior to this, the Hangzhou-based Vision Plus had made the first closing of its third dollar fund at over $400 million in March last year.

Other VCs who raised RMB funds are Glory Ventures that secured over 1.2 billion yuan ($188 million) for its fourth RMB fund, Temasek-backed Vertex Ventures China, as well as Silicon Harbour Capital which closed its maiden yuan fund at nearly 1 billion yuan ($157 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.