The venture firm co-founded by the eponymous EV maker, closed its latest fund with commitments from new and returning LPs including undisclosed insurance providers.
Nio Capital, the China-based venture capital firm co-formed by electric vehicle (EV) manufacturer Nio, closed its second vehicle, Eve One Fund II, at about $400m yesterday.
The fund’s new and existing limited partners included unnamed insurance firms, financial institutions, sovereign wealth funds, funds of funds, family offices, pension funds and foundations from China, the United States, Europe, the Middle East, Southeast Asia and Africa.
For two of the new LPs, Eve One Fund II represents their first commitment to a China-based fund. It is double the size of its dollar-denominated predecessor, Eve One Fund, which was closed in 2019.
Co-founded by Nio (then known as NextEV), VC firm Sequoia Capital and hedge fund manager Hillhouse Capital in 2016, Nio Capital’s first renminbi-denominated vehicle had a target size of RMB10bn ($1.5bn). It focuses on early and middle-stage energy, mobility, supply chain and deep technology developers.
Nio’s founder, chairman and chief executive,…
