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 new materials and technologies related to semiconductors, 5G, artificial intelligence, laser industrial automation and electric vehicles. It has about $466m under management and has invested in some 40 companies. Henkel Tech Ventures, a corporate venturing vehicle for consumer goods group Henkel’s Adhesive Technologies unit, disclosed its participation in the fund in August this year, four months after advanced materials manufacturer Saint-Gobain had committed capital. Asahi Kasei Ventures, an investment subsidiary of chemicals and advanced materials producer Asahi Kasei, backed the vehicle in December 2020, following a first close four months earlier featuring Redbud Capital as well as chemicals producer Solvay and paint producer Nippon Paint through respective subsidiaries Solvay Ventures and Nipsea. Chemicals providers BASF, Evonik Industries and Sabic were also identified as limited partners, as was industrial park operator Shanghai Xinjinshan Industrial Investment Development. – A version of this article first appeared on our sister site, Global Corporate Venturing.

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Edison Fu

Edison Fu is a reporter and Asia liaison at Global Corporate Venturing.