The Redbud Capital-backed new materials-focused vehicle has attained its target, more than a year after a first close.

China-based investment firm Richland Capital reached the third close of its corporate-backed, yuan-denominated venture capital fund, dubbed Richland Capital Fund III, at RMB700m ($109m) on Monday. The fund’s limited partners include Redbud Capital, a fund-of-funds established by Tsinghua University’s asset management arm Tsinghua Holdings. Founded in 2011, Richland Capital targets early to growth-stage developers of…

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