BAI Capital, a former Bertelsmann Investment affiliate, has secured $600m at first close toward an $800m target for its latest fund focusing on Asian companies pursuing international expansion and cross-border growth opportunities.
BAI Capital has completed a first close of a $800m fund to help Asian companies expand overseas — as well as giving overseas companies access to the Chinese market.
The fund marks BAI’s latest step since separating from its parent, Bertelsmann, whose investment arm incubated the firm as Bertelsmann Asia Investments before BAI completed its first independent fundraising in 2021. The firm said the new vehicle will continue to draw on Bertelsmann’s global network and corporate relationships while operating independently.
BAI Capital said it had received $600m in commitments for the dollar-denominated fund at first close, with a target of $800m.
Founded in 2008, BAI has historically focused on growth-stage technology companies in China and the rest of Asia. The firm has recorded 22 IPOs and 51 secondary exits since launch.
The new fund will target businesses that have already achieved commercial traction and are seeking international expansion.
Its strategy is centred on three areas: Chinese companies expanding overseas, Asia-based startups building multinational operations and international companies looking to scale through access to the Chinese market.
Sector of interest include AI and technology, financial services, consumer and entertainment and business services. BAI Capital said it would continue to focus on companies capable of operating across multiple regions rather than purely domestic growth stories.
The fundraising comes as many Asia-focused investors adjust to weaker domestic exit markets and increasing geopolitical fragmentation by emphasising international expansion and cross-border resilience. Firms with established networks in both China and overseas markets have increasingly sought to position themselves as bridges between regional innovation ecosystems.
See all the recent deals by BAI Capital in the CVC Funding Round Database
