Citic Capital Venture Partners (CCVP), the fund sponsored by the venture business of Citic Capital (co-owned by China Investment Corporation, China’s sovereign wealth fund, and Chinese conglomerate Citic Group), has closed its latest fund at $113m, short of its original $150m target.
Subsequent to the first closing, further investors to join as limited partners include Vertex Asia Growth, a wholly-owned subsidiary of Singapore’s sovereign wealth fund Temasek, and Singapore venture capital fund Enspire Capital.
Jeffrey Zeng, Citic Capital’s senior managing director and managing partner of CCVP, said: “China’s unique mix of increasing domestic demand, favorable demographics, and the potential of huge efficiency gains across various industries should continue to provide interesting opportunities for investors with strong value propositions and solid investment theses. The market environment has been challenging, but I am confident that we are well positioned to continue our success.”
