The first close of the fund, a subsidiary of cigarette packaging manufacturer Huaxi Holding, included new and existing limited partners.
V-Capital, the corporate venture capital arm of China-based cigarette packaging materials producer Huaxi Holding, reached a RMB1.5bn ($235m) first close for a fund on Monday.
Formed in 2015, V-Capital has been conducting venture capital and mergers and transactions deals, investing alongside local governments and fund of funds.
Local government-backed funds and corporations have committed capital as limited partners, as have new and returning other investors.
The vehicle will target developers of healthcare, telecommunications, cultural services, semiconductors, IT, smart manufacturing and…
